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Crypto: Will Ripple Labs dig up Celsius (CEL)?

wed 10 August 2022 ▪ 21:00 ▪

4
min reading – per
Mikaia ANDRIAMAHAZOARIMANANA

Would this finally be good news for non-reimbursed Celius users? In any case, the announcement of a possible takeover of the crypto lender’s assets will cause hope to germinate among the latter. I can’t wait for the rebirth of Celsius Network, they subvocalize without shouting victory.

Ripple, rebirth of Celsius Network

Ripple Labs Inc, about to become a shareholder of Celsius?

This is part of the speculations of observers at the moment. Because today, the San Francisco-based payments company seems to be showing interest in buying the assets of Celsius Network.

A Ripple spokesman hinted at the administration’s intention :

« We would like to know more about Celsius and its assets, and whether any of them could be relevant to our business. »

Nevertheless, we are missing a lot of elements to evoke a takeover of Celsius by Brad Garlinghouse’s company. We have no beginning of proof that Ripple’s stated desire to ” [rechercher] actively pursue merger and acquisition opportunities in order to strategically evolve the company ».

Also, we can mention the approval by the bankruptcy court of the documents recently filed by Ripple’s lawyers. It should be noted, however, that the latter is not included in the list of Celsius Network’s main creditors.

Celsius has hit rock bottom

After the dramatic soap opera of Terra (USDT and LUNA), Celsius also watered us with less funny stories in the first half of 2022. It started with the suspension of all transactions on its entire platform in mid-June.

Then came Richard Heart’s verbal attacks on an Alex Mashinsky who made ” bad joke “and other successions of no less pleasant events.

We have reported here on Cointribune a whole series of repayment of debts in bitcoins from Celsius Network on Aave. To say that the end of refunds was appreciated as a victory by observers.

Except that all this did not prevent the bankruptcy of the company in Mashinsky. On the day of July 14, when the whole of France was attending a grand parade on the Champs-Elysées, the barons of Celsius did everything possible to file a bankruptcy petition. Certainly, with your head down.

The recorded loss seems colossal: about $ 5 billion to be returned to its users. And the rest of the story takes more effort than expected. Among other things, the relaunch of its mining of bitcoin or perhaps the repurchase of its assets by a cryptocurrency company in great shape.

In any case, the trend bearish this does not suit the players in the crypto universe. Fortunately, companies like Ripple Labs manage to get away with it (nice statistics to support after Reuters). Even the lawsuits initiated by the US Securities and Exchange Commission since 2020 have not affected his state of health. A question arises: will he be able to revive Celsius?

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Mikaia ANDRIAMAHAZOARIMANANA avatar
Mikaia ANDRIAMAHAZOARIMANANA

The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy in this world, against all hope, I will say that I had something to do with it

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