JAKARTA – Cross-border payments and blockchain solutions company, Ripple is reportedly looking to buy crypto lending platform Celsius. Ripple said the company had an interest in buying the assets of Celsius, which had gone bankrupt.
However, a Ripple spokesperson did not reveal whether the company intends to acquire Celsius or not. So far, both parties have not provided any clarification regarding this matter. Previously, Celsius went bankrupt after stopping withdrawals and transfers of assets from its user accounts in June.
“We are interested in studying Celsius and its assets, and whether any are relevant to our business. Ripple continues to grow exponentially by actively seeking M&A opportunities to strategically scale the company,” said a Ripple spokesperson, quoted by Coingape.
According to the Decrypt report, the filing reveals that the lending company's assets include cash, cryptocurrencies, Celsius (CEL) tokens, and various digital assets in custodial accounts, loans, and Bitcoin mining businesses.
However, when weighed against the company's liabilities, the company still has a $1.19 billion deficit on its balance sheet, and the chances of the company's creditors getting their money back look bleak.
On the other hand, Celsius itself plans to sell its assets to fulfill the company's obligation to return the user's funds. This was conveyed by the company in the Celsius restructuring plan in order to meet financial obligations.
"The company will also consider asset sales and third-party investment opportunities to meet financial obligations," the Celsius announcement said.
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