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Ripple Is Reportedly Ready To Buy Celsius’ Assets

August 11, 2022 6:33 am

A representative for Ripple Labs told Reuters on Wednesday that the company is showing interest in buying the assets of the defunct cryptocurrency lender Celsius Network.

In addition to this, the representative said that Ripple “is actively searching for M&A possibilities to strategically expand the firm” since the company continues “to grow tremendously”.

However, the spokesman did not provide any remark about whether or not Ripple is interested in purchasing Celsius Network entirely.

Ripple is the latest cryptocurrency company to consider purchasing what was once one of the top lenders in the cryptocurrency sector and had assets worth $25 billion.

Back in June, lending competitor Nexo offered an offer that was comparable to this one, and cryptocurrency exchange FTX was also in the race for a period of time.

Reuters broke the story:

San Francisco-based blockchain payments company Ripple Labs Inc, which is embroiled in a high-profile battle with the U.S. securities regulator, is interested in potentially purchasing assets of bankrupt crypto lender Celsius Network, according to a company spokesperson.

“We are interested in learning about Celsius and its assets, and whether any could be relevant to our business,” the spokesperson said, declining to say if Ripple was interested in acquiring Celsius outright.

Ripple has continued to grow through the crypto market turmoil and “is actively looking for M&A opportunities to strategically scale the company,” the spokesperson said.

New Jersey-based Celsius froze withdrawals in June citing “extreme” market conditions and filed for bankruptcy in New York last month, listing a $1.19 billion deficit on its balance sheet. read more

Last week, lawyers for Ripple submitted filings to the bankruptcy court seeking to be represented in the proceedings. The court approved the filing earlier this week. Ripple is not among Celsius’ major creditors, Celsius’ bankruptcy filings show. Ripple provided the comment in response to Reuters’ queries regarding the court filings.

Bitcoinest chipped in too:

Per a report from news outlet Reuters, payment company Ripple is exploring the possibility of acquiring the assets of bankrupt crypto lender Celsius Network. The purchase might materialize via Ripple Labs, according to a company spokesperson.

Related Reading: SEC/CFTC May Require Hedge Funds To Provide More Information On Crypto Exposure
Ripple Labs is currently in a legal battle with the U.S. Securities and Exchange Commission (SEC) due to the alleged illegal sales of an unregistered security, the XRP Ledger native token XRP. The person quoted by Reuters said the following about the potential acquisition:

We are interested in learning about Celsius and its assets, and whether any could be relevant to our business.

The spokesperson refused to confirm if the payment company might have an interest in acquiring Celsius outright, Reuters claimed. Despite their legal battle with the U.S. securities regulator, Ripple continues to see important growth and has been able to materialize partnerships to expand the adoption of the XRPL.

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