Ripple wants to potentially buy some distressed assets of the failed cryptocurrency lending giant Celsius
Ripple Labs has expressed interest in purchasing insolvent crypto lender Celsius Network’s assets, according to a Ripple spokesperson told Reuters. “We are interested in learning about Celsius and its assets, and whether any could be relevant to our business,” the spokesperson said, declining to say if Ripple was interested in acquiring Celsius outright.
Ripple Interested in Buying up Celsius Assets
The spokesperson said that Ripple “is actively looking for M&A opportunities to strategically scale the company” as it continues “to grow exponentially” through the market downturn. The spokesperson declined to comment on whether Ripple is looking to purchase Celsius Network outright, however.
Last week, lawyers for Ripple submitted filings to the bankruptcy court seeking to be represented in the proceedings. The court approved the filing earlier this week. Ripple is not among Celsius’ major creditors, Celsius’ bankruptcy filings show. Ripple provided the comment in response to Reuters’ queries regarding the court filings.
Ripple Labs, which owns the Ripple payments network and maintains the XRP ledger, is the latest company to weigh an acquisition of what, at one time, was one of the crypto industry’s largest lenders with $25 billion in assets; lending rival Nexo made a similar overture in June. Crypto giant FTX reportedly declined to bail the company out due to the very poor state of its finances.
Ripple did not immediately comment. Ripple is currently fighting a lawsuit from the U.S. Securities and Exchange Commission (SEC). The regulator alleged that Ripple’s sale of XRP violated federal securities law.
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