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Ripple shows interest in acquiring Celsius
A Ripple spokesperson reportedly said the firm was interested in looking for M&A opportunities to scale its business.
1 min read
Updated: Aug. 10, 2022 at 9:12 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ripple Labs could be interested in buying the assets of embattled crypto lender Celsius Network, Reuters reported Aug. 10.
A Ripple spokesperson reportedly said the firm was interested in looking for M&A opportunities to scale its business. However, the San Fransico-based company refused to confirm if it would purchase Celsius assets outright.
“We are interested in learning about Celsius and its assets and whether any could be relevant to our business.”
Reuters also reported that Ripple was represented in the Celsius bankruptcy proceedings.
Meanwhile, Ripple is one of the most valuable firms in the crypto space. The firm was valued at $15 billion in January. The firm also revealed that the net purchases of its XRP token were over $400 million during the second quarter.
Ripple is currently under a legal battle with the Securities and Exchange Commission (SEC) over whether the sales of its token qualify as a security offering.
Ripple is not the first firm to show interest in Celsius. Reports emerged that FTX walked out on a deal to acquire the crypto lender because of a $2 billion hole in its finances.
Celsius was one of the crypto firms affected by the record crash of the crypto market during the second quarter. The lender filed for bankruptcy on July 14 after halting withdrawals on June 12.
Since then, the firm has faced increased scrutiny from several state regulators in the United States. Its CEO Alex Mashinsky was recently accused of publicly giving misleading statements.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Alex Mashinsky, born in 1965 in the Soviet Union to a Jewish family, moved to Israel in the 1970s.
