Blockchain payments company Ripple has expressed interest in acquiring the assets of insolvent crypto lender Celsius as a means to grow, according to a report from Reuters.
A spokesperson told Reuters that Ripple wanted to learn more about Celsius’ assets and was “actively looking for [merger and acquisition] opportunities to strategically scale the company”.
We are interested in learning about Celsius and its assets, and whether any could be relevant to our business.
Ripple spokesperson
Can Ripple’s Interest Help Check Celsius’ Collapse?
After pausing withdrawals from its platform in June due to liquidity issues, last month Celsius filed for bankruptcy in order to “stabilise its business”. Then, in an astounding twist, the lender laid claim to customers’ deposits in court, casting doubt on the likelihood of customers getting their money back.
Ripple’s comments to Reuters were in response to a query about the company submitting filings to the bankruptcy court seeking to be represented in Celsius’ proceedings, although Ripple is not one of Celsius’ major creditors.
Celsius’ bankruptcy filings show it holds digital assets in custody accounts, loans, a bitcoin mining business, and CEL tokens, bank cash and crypto.
It’s unclear how Ripple’s involvement might help users affected by the platform’s troubles. Following the news, the price of Celsius’ token CEL rose – it’s up over 30 percent in the past 24 hours.
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