Ripple is Interested in Acquiring Bankrupt Crypto Lender Celsius Assets: Reuters Report

DR San Francisco-based company Ripple Labs Inc is potentially interested in purchasing assets of bankrupt Crypto Lender: Celsius. Ripple is actively looking for market opportunities to “strategically scale the company,” according to Ripple's spokesperson.

Timeline of Celsius, Xrp

When Celsius paused withdrawals on June 13, 2022, they set into motion a large chain of events. More than a million Celsius customers were immediately denied access to their digital assets.

Ripple Labs, the company behind cryptocurrency XRP, is a potential buyer of Celsius network's assets. According to a Reuters report, the blockchain payments company is interested in Celsius' assets but there is no clarity on the exact plans.

San Francisco-based blockchain payments company Ripple Labs Inc is interested in potentially purchasing assets of bankrupt crypto lender Celsius Network, according to a company spokesperson.

SaaS startup Heirloom raises $8 million to onboard enterprise firms into the Web 3.0 ecosystem using the XRP Ledger.  The post Heirloom raises $8 million from Ripple and Forte to onboard enterprises into web3 appeared first on The Block.

The U.S. Securities and Exchange Commission (SEC) has put all its strength to protect the Infamous Hinman speech related documents. However, Ripple and other defendants in the lawsuit have filed their reply over the Commission's objection to the court orders.

The Terra-UST collapse has led to a domino effect in the crypto space which does not appear to have settled. As Celsius Network reported a liquidity issue, the withdrawals & transfers were halted. However, as it filed for bankruptcy, the trouble raised notably which peaked as the US regulators tightened their grip over the platform.

Last week, news of Celsius' motion to hire its ex-CFO Rod Bolger on a contract basis for $92,000 a month made the rounds. Once the community caught wind of this, users began to share their opinions of the motion, and as expected, the majority was not impressed with this move.

BlackRock Inc entered into a partnership with Coinbase Global Inc in a bid to provide digital asset exposure to its users. However, an expert suggests that this deal is a win-win situation for Ripple's XRP token.

A court filing submitted Friday in the Southern District of New York states that the bankrupt cryptocurrency lender Celsius has dropped its plea to reinstate former CFO Rod Bolger, reported CNBC. The withdrawal notice was published just before a Monday, August 8 hearing to review it.

According to a court filing in the Southern District of New York, lending platform Celsius has withdrawn its motion to hire former CFO, Rod Bolger. The motion would have had the CFO paid $92,000 per month for a period of at least six weeks, prorated.