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Will Ripple Labs Purchase Celsius Assets?

Will Ripple Labs Pur

The maker of the XRP cryptocurrency, Ripple Labs, may purchase 

The assets of the Celsius network. 

The blockchain payments startup is reportedly interested in Celsius' assets, although the specific plans are unclear, according to a Reuters story. However, neither company has made an official statement about the interest in purchasing Ripple Celsius assets to date. The Celsius network had declared bankruptcy last month. This came after it stopped user account withdrawals and transfers back in June.

Buy Celsius Assets with Ripple?

According to a spokeswoman for Ripple, the firm is considering the possibility of buying some of the insolvent crypto lender's assets. According to the source, Ripple is determining if Celsius' assets might be important to its goals. The Ripple official, however, made no comments regarding whether Ripple is genuinely interested in buying Celsius.

Planned Asset Sales

The business stated it had assets worth about $4.3 billion when unveiling its reorganisation plans. It declared liabilities of $5.5 billion, assets of $4.3 billion, and $600 million in CEL tokens, which are each worth $170 million. The purchase of Celsius assets by Ripple could benefit small-scale investors by providing them with financial relief. In order to meet its financial needs, Celsius has previously stated that it was thinking about selling assets.

To meet its financial responsibilities, "the business will also investigate asset sales and third-party investment alternatives," according to the statement. It stated at the time that the main goal is to increase stakeholder returns. The US Department of Financial Protection and Innovation was recently made aware of the cryptocurrency lender. The agency alleged in a court order that Celsius CEO Alex Mashinsky "committed substantial misrepresentations and omissions in the offer of cryptocurrency interest accounts." It went on to say that it was particularly good at downplaying the dangers of storing digital assets with Celsius.

"Celsius provided accounts that let users earn interest on digital assets placed with the company without first determining whether those accounts qualified as securities under California law."

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