Ripple Labs is interested in buying Celsius' distressed assets, Reuters reported. According to the files, the court was asked to be represented in the ongoing bankruptcy case. According to the company's spokesperson, Ripple is actively seeking merger and acquisition opportunities to scale its operations.

San Francisco-based blockchain company Ripple Labs has begun work on purchasing the distressed assets of the struggling cryptocurrency lending platform Celsius. According to the files, the court was asked to be represented in the ongoing bankruptcy case. According to the company's spokesperson, Ripple is actively seeking merger and acquisition opportunities to scale its operations.

Celsius filed for Chapter 11 bankruptcy protection in mid-July after the recent cryptocurrency crash became one of the biggest losses. This came just a month after Celsius announced the suspension of its abrupt withdrawal, causing turmoil in the crypto industry. As of mid-July, the company had $167 million in "adequate liquidity" assets. For comparison, it had roughly $25 billion in assets in October 2021. Finally, according to the spokesperson, Ripple Celsius has not made a concrete decision to purchase its assets. According to the report, Ripple is investigating whether the Celsius assets are related to its own business.

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Crypto giant FTX reportedly refused to bail out the company due to its very poor financial situation. In late June, US banking giant Goldman Sachs reportedly began raising funds to seize the assets of the troubled crypto lender.

CEL Price

The CEL token, whose price fell to $0.15 after the bankruptcy decision, is today finding buyers at $2.26. The news that Ripple was interested in the company pushed the price up. In fact, we can say that CEL price movements are speculative. It was revealed yesterday that the company founder had started selling his assets. However, the CEL token still continued to rise. During the price surge in July, many experts claimed that the CEL token price was inflated by Celsius. While it is certain that there are speculative purchases, it is not known for certain whether the company has a hand in this.

Celsius

CEL price, which approached $ 2.5 with the news of Ripple, fell to the $ 1.94 band with the rapid sales. Investors should be prepared for the volatility that will continue in the coming days. We could see a period of rapid decline if the company executives' heavy sales start. However, while the bankruptcy case continues, it is spoken by everyone that the company will try to keep the CEL token price in the $2 band.