Ripple Labs Is "Interested" in Bankrupt Crypto Lender Celsius and Its Assets, Company Spokesperson Says
According to a Ripple Labs spokesperson, the distributed ledger company is interested in learning about the bankrupt crypto lender Celsius and its assets. When Ripple’s spokesperson was asked if the blockchain firm was interested in acquiring Celsius, the company declined to say. The news follows Celsius customers begging the bankruptcy court to release funds over dire financial emergencies. Ripple Spokesperson Explains Distributed Ledger Company Is Interested in the Bankrupt Firm Celsius and the Crypto Lender’s Assets
While Celsius customers await the Southern District of New York bankruptcy court proceedings following the company’s bankruptcy filing on July 13, it seems Ripple Labs is focused on the crypto lending firm’s remaining assets. Reuters reporter Hannah Lang talked to a Ripple spokesperson and the individual told Lang that “[Ripple Labs is] interested in learning about Celsius and its assets, and whether any could be relevant to our business.”
The commentary follows Ripple’s CEO Brad Garlinghouse hinting about future mergers and acquisitions (M&A) when the executive visited the 2022 World Economic Forum (WEF) event in Davos. At the time, Garlinghouse said Ripple Labs has “a very strong balance sheet.” He also added that Ripple Labs may participate in future mergers and acquisitions (M&A) deals. “We’re now at a stage of growth where I think we’re more likely to be the buyer versus the … seller,” Garlinghouse said at the WEF event.
During an interview at the end of July at the Collision 2022 event, Garlinghouse talked about the company’s growth and the lawsuit with the U.S. Securities and Exchange Commission (SEC). “If Ripple loses the case, does anything change? It’s basically just status quo. Ripple is still growing very, very quickly,” Garlinghouse said at the time. Reuters’ reporter Lang noted on Wednesday that the Ripple Labs spokesperson declined to comment when she asked if Ripple would attempt to acquire Celsius entirely. Ripple Submits Filings to Celsius Bankruptcy Court Proceedings
The news comes at a time when Celsius customers are upset about their funds and a number of Celsius clients wrote letters to the bankruptcy court begging to get access to their funds. “I and my family are severely impacted both in financial and mental health by the bankruptcy and locked up cryptos,” one Celsius customer told the court. According to Lang’s report, Ripple has submitted filings to the Celsius bankruptcy court proceedings and seeks to be represented. “The court approved the filing earlier this week,” Lang’s report details.
Lang said the Ripple spokesperson’s commentary was in response to Ripple being asked to comment on the court filings. The Reuters report also said that the lawyer representing Ripple in the matter did not provide any statements and Celsius hasn’t responded to Lang’s questions. On July 4, the government of Colombia revealed that Ripple’s distributed ledger would be leveraged in a new blockchain-based land title registry developed by a third-party company called Peersyst Technology. Tags in this story bankrupt Celsius, Brad Garlinghouse, Celsius, Celsius bankruptcy, Celsius customers, Court Letters, court proceedings, DIstributed Ledger, distributed ledger company, Hannah Lang, M&A, Mergers and acquisitions, Reuters reporter, Ripple, ripple ceo, Ripple Labs, Ripple Labs spokesperson, Ripple"s interest, Ripple’s distributed ledger, XRP
What do you think about Ripple’s interest in Celsius and the company’s assets? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today. Landfill Gas Mitigation Firm Vespene Energy Secures $4.3M to Bolster Gas-to-Bitcoin Solutions NEWS | 5 hours ago Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum NEWS | 17 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMoroccan Capital Markets Regulator Launches Fintech Portal Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design