Crypto NewsExchangeTwo Giant Cryptocurrency Exchanges Are Offering To Buy Celsius!

Two Giant Cryptocurrency Exchanges Are Offering To Buy Celsius!

The two giant exchanges have decided to participate in the planned auction for the bankrupt crypto credit institution Celsius Network.

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Cryptocurrency exchanges Gemini and Coinbase are among the companies bidding on the Celsius auction, according to reports and court filings.

Cryptocurrency Exchanges Gemini And Coinbase To Bid On Celsius Auction

The two new consortia will bid the assets of bankrupt crypto lender Celsius Network at an auction scheduled for April 25 in New York.

Court documents show that one of the consortia is Fahrenheit, backed by venture capital firm Arrington Capital, which is owned by blockchain investor Michael Arrington.

Other participants in the consortium are Proof Group Capital Management, former Algorand CEO Steven Kokinos, and investment banker Ravi Kaza.

As Fortune reports, Arrington stated in a since-deleted tweet on April 22 that Coinbase is one of the companies supporting the Fahrenheit consortium. Coinbase declined to comment on this post.

The second group to bid for Celsius assets was crypto exchange Gemini.

Gemini and Coinbase are objecting to NovaWulf Digital Management's proposal. NovaWulf's proposal includes direct cash contributions in the $45 million to $55 million range, as well as the creation of a new public platform entirely owned by Celsius creditors.

Under NovaWulf's offer, customers are expected to get back up to 70% of their funds.

According to Arrington's tweets, the Fahrenheit consortium also proposes the creation of a new company "whose sole purpose is to grow these assets to integrate stakeholders."

Arrington said the company will be led by "a proven group of crypto operators" and will hold "significant Bitcoin mining assets, retail and corporate loans, various crypto core assets, and a portfolio of venture capital."

The auction is an important step for Celsius' customers to get their funds back. The company filed for Chapter 11 bankruptcy in July 2022, after stopping withdrawals, citing "extreme market conditions" amid rumors of bankruptcy.

*Not investment advice.

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