Report: Ripple Labs considers acquiring assets of cryptocurrency lender Celsius

By: Dickson Arinze

August 12, 2022 12:49 AM

The blockchain payment company is the most recent to contemplate buying the collapsed lender's assets.

A representative for San Francisco-based cryptocurrency firm Ripple Labs told Reuters on Wednesday that the company has indicated interest in buying the assets of bankrupt cryptocurrency lender Celsius Network.

The newest business to consider buying what was once one of the top lenders in the cryptocurrency industry with $25 billion in assets is Ripple Labs, which runs the XRP ledger and owns the Ripple payments network. In June, lending competitor Nexo launched a comparable approach, and for a brief period, cryptocurrency exchange FTX was also a contender.

After freezing customer withdrawals in June, Celsius sought bankruptcy protection in July.

A request for comment from Ripple did not immediately receive a response at the time of writing.

The U.S. Securities and Exchange Commission is suing Ripple over claims that Ripple's selling of XRP broke federal securities law.