According to the latest reports, it seems that Ripple could be interested in buying Celsius, crypto. Check out the latest news below.
Ripple could purchase Celsius’ crypto assets
San Francisco payments firm Ripple is reportedly interested in buying assets from bankrupt crypto lending platform Celsius.
According to a report from Reuters, a spokesperson for Ripple said that the company was looking to see if there was any synergy between it and Celsius’ assets.
The spokesperson did not say whether Ripple wanted to acquire Celsius outright.
“We are interested in learning about Celsius and its assets, and whether any could be relevant to our business…”
The same person said this:
“Ripple has continued to grow exponentially [through recent crypto market turmoil and] is actively looking for M&A opportunities to strategically scale the company.”
Just to refresh your memory, last month, Celsius filed for Chapter 11 bankruptcy.
This came after it halted all withdrawals from its platform.
Also, it’s important to note the fact that in a New York-based bankruptcy court, the company revealed a $1,190,000,000 deficit on its balance sheet between assets and liabilities.
Ripple in the news
Ripple’s XRP-powered, cross-border payment product has seen a huge rise in volume year-on-year (YoY). This has been happening despite the company’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
In Q2 of 2022, the payment product called On-Demand Liquidity (ODL) had a 9x growth in volume YoY, according to a new market report from Ripple.
Ripple said the following about this huge success:
“Customers continued to expand the use of ODL for use cases beyond traditional remittances or individual payments, with treasury flows and bulk payments accounting for more volume on the network.”
Ripple has been making headlines a lot lately, amidst the massive crypto volatility. Stay tuned for more news, and make sure to keep your eyes on the market.