SNEAK PEEK
- Looks like Ripple may become the potential buyer of Celsius Network’s assets.
- Ripple Labs has continued growing during the chaotic phase of the crypto market and is interested in scaling the company.
- There has been no official announcement from both the companies.
Ripple Labs’s spokesperson said that they are interested in knowing about Celsius as well the assets it has to know if any of them can help their business.
Ripple Labs Inc is interested in potentially purchasing assets of bankrupt crypto lender Celsius Network. Celsius filed for bankruptcy in New York last month, listing a $1.19 billion deficit on its balance sheet. Reuters https://t.co/Z756iTVzSB
— Wu Blockchain (@WuBlockchain) August 11, 2022
The spokesperson further said that Ripple is growing sharply even during the ongoing disorder in the crypto market. Therefore, it is looking for mergers & acquisitions deals with an aim of scaling the company.
In June, Celsius froze withdrawals and blamed the market conditions after which it filed for bankruptcy, listing a $1.19 billion shortage.
During the past week, lawyers of Ripple submitted filings to be shown in the proceedings. The filings have been approved by the court this week.
Responding to queries based on the court filings, Ripple clarified not being the major creditor of Celsius.
Ripple has never been a part of any major deals. In the second quarter, its overall sales of XRP were $408.9 million as compared to the first quarter, when the figure was $273.27 million.
