Ripple Discloses Interest in Bankrupt Crypto Lender Celsius Network

Ripple Labs Inc., a blockchain payments company, is interested in Celsius Network, a bankrupt crypto lending platform.

As reported Reuters reported that a spokesperson for the company offered insight into the company’s interest but didn’t state in what capacity the payments-unicorn hopes to show interest.

“We are interested to learn about Celsius and its assets, and whether any could possibly be relevant for our business,” said the spokesperson. This statement is fueling speculation that Ripple might be looking into a bailout stake.

The spokesperson affirmed that Ripple has been exploring avenues to grow strategically during this long-drawn crypto winter, and the firm “is actively looking for M&A opportunities to strategically scale the company,” the spokesperson said.

According to Reuters, Ripple indicated its interest in being represented at the Celsius bankruptcy hearing. Ripple received the approval earlier this week. It now has firsthand knowledge about the company’s liabilities and potential benefits in the event it is partnered or bought out.

Ripple has had its share of difficulties as it is involved in a lengthy legal battle with the United States Securities and Exchange Commission. This was over the sale of XRP coins. While Ripple has been predicted to win the SEC long-term, pundits believe that the case will slow Ripple’s expansion and growth in the United States.

Celsius Network collapsed amid a general collapse within the cryptocurrency ecosystem. The situation has also affected Voyager Digital and other crypto lenders. BlockFi. Celsius was offered an acquisition offer by a liquider lender at the time it stopped withdrawing money in June. NexoThe firm, however, remained silent and didn’t respond to the request at the time.

Ripple was not the only major company that expressed an interest in Celsius Network. Goldman Sachs was also among them. As of this report, none of these major outfits had made an offer to purchase the platform. 

Image source: Shutterstock



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