Latest News

Ripple Labs considering buying Crypto lender Celsius’s assets

Ripple Labs seeks to consider purchasing the assets of Celsius’s assets to help scale the company through mergers and acquisitions.

Ripple Labs is the leading crypto solution for businesses that own Ripple payments networks and maintain XRP Ledgers.

The company is “interested in learning about Celsius and its assets, and whether any could be useful to our business,” a company spokesperson told Reuters.

CEL, the native utility token of the Celsius platform after the revelation, increased 23% on Wednesday.
Celsius stopped customer withdrawals in June, citing ‘extreme market conditions’ and sought bankruptcy protection in July.

The company’s financial sheet still shows a $1.19 billion deficit when liabilities are considered, and the chances of the company’s creditors receiving any of their money back are bleak.

The U.S. Securities and Exchange Commission has sued Ripple over claims that Ripple’s selling of XRP broke federal securities law.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.