Ripple Labs May Be Interested In Buying Assets Of Troubled Crypto Lender Celsius Network, Reuters report August 10.
A Ripple spokesperson reportedly said the company was interested in looking for M&A opportunities to expand its business. However, the San Francisco-based company declined to confirm whether it would buy Celsius’ assets outright.
“We would like to know about Celsius and its assets and see if there is anything relevant for our business.”
Reuters also reported that Ripple represented Celsius in bankruptcy proceedings.
Ripple, on the other hand, is one of the most valuable companies in the cryptocurrency industry. The company was valued at $15 billion in January. The company also revealed that his net purchases of XRP tokens in the second quarter exceeded his $400 million.
Ripple is currently in a legal battle with the Securities and Exchange Commission (SEC) over whether the token sale constitutes an offering of securities.
Ripple is not the first company to show interest in Celsius. Reports have surfaced that FTX has scrapped his deal to acquire cryptocurrency lender FTX because of his $2 billion hole in its finances.
Celsius is one of the crypto companies affected by the record crash of the crypto market in Q2. The lender filed for bankruptcy on July 14th after stopping withdrawals on June 12th.
Since then, the company has faced intense scrutiny from regulators in several US states. CEO Alex Mashinsky was recently accused of publicly making misleading statements.
