Ripple Labs Considers Buying Celsius Assets

Source : coinspeaker.com

Ripple is actively weighing its options in line with how Celsius’ assets may be relevant to its business.

Reports have surfaced that blockchain company Ripple Labs is currently weighing its options regarding the assets of beleaguered crypto lender Celsius. Although many other companies were linked to the possibility in the past, the company which backs the XRP cryptocurrency is the latest to show interest, per Reuters.

Recall that the likes of FTX exchange and lending rival Nexo were once in the running for an acquisition. Even Goldman Sachs was also reportedly considering buying the insolvent lender’s assets at a time.

Is Ripple Considering an Outright Acquisition?

According to a Ripple spokesperson who spoke to Reuters, Ripple is not ruling out a potential Merger and Acquisition (M&A). In fact, most of its recent efforts are geared towards strategically scaling the company. Even more so, considering the fast-paced rate at which the company is growing.

Despite the interest in a potential M&A, however, the spokesperson did not comment on whether or not it will be with Celsius. Rather, he mentioned that the firm is highly interested in Celsius’ assets and is in the process of making a decision. Part of the statement reads:

“We are interested in learning about Celsius and its assets, and whether any could be relevant to our business.”

The comments follow after Celsius indicated that it was open to selling off its assets. The firm believes that this will help it offset its financial obligations to investors on its platform. According to the crypto lender, it has assets worth $4.3 billion, and they’ll play a major role in its restructuring plans.

Celsius network froze transfers and withdrawals in June. And less than a month later, precisely in July, the company also filed for bankruptcy protection.

Ripple’s interest in Celsius’ assets could prove to be very vital for the fate of the platform’s investors. As of writing, however, neither Ripple nor Celsius has issued any official statements in line with the report.

Interestingly, Ripple remains at loggerhead with the US Securities and Exchange Commission (SEC). The regulator sued Ripple on allegations that the firm violated federal securities law.

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Mayowa Adebajo

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