Giant banking institutions may acquire crypto lending platform Celsius.

Goldman Sachs is an American multinational investment bank and financial services company. The headquarter of this company is situated in New York City. In the past, Goldman Sachs showed a lack of interest in the crypto Industry but from 2021 to this date company showed a significant inclination toward the crypto industry & related product services. 

On 24 June, the Leading crypto news website Coindesk reported that Goldman Sachs is raising funds from Investors to bring Celsius back in working condition.

According to the report, Bank aimed to raise $2 billion from Investors, and in return investors will get Celsius’ assets at potentially big discounts in the event of a bankruptcy filing. 

According to a few other reports, there are chances that Goldman is looking to participate in the race to buy Celsius under the condition of bankruptcy and the raised funds will create significant confidence for this bank to remain at the top to buy Celsius at a cheap price under this critical situation of Celsius.

However these reports were covered by leading news sources, where no one details or statement taken from the official source, but still, information from the anonymous persons, who are closed to this matter, is proving that such reports may be true by 99% accuracy.

Earlier this, on the same day, Wall Street Journal reported that Celsius has hired restructuring advisory firm Alvarez & Marsal, and possibly it may file for its bankruptcy.

Celsius under trouble

According to available data, Celsius is managing around $12 billion in assets under management to this date and it lent out around $8 billion to the clients. 

On 13 June, Celsius announced freeze of services like trade and crypto withdrawal to maintain the operations perfectly in near future.

Indeed, the crypto market saw a significant downfall in prices where Bitcoin plunged below the $20k strong buy wall, and in that situation, it was not easy for the platform to provide exact valued withdrawal to all the users. 

Read also: Binance Exec says industry shouldn’t perpetuate “bad” companies



Source link

Author

Comments are closed.