Ali Raza
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The Celsius Network is currently facing liquidity issues following the recent poor performance of the cryptocurrency market. Celsius halted withdrawals last month and has yet to reopen these functions because liquidity is yet to be stabilized.
Celsius is working to boost liquidity
The Network is currently working on boosting liquidity and operations so that it can restore the functions that were previously halted. The team announced that it was working with the community and its clients during the harsh market conditions to restore normalcy.
The token noted that it was taking the necessary steps to preserve and protect the assets of its users. It also explored all available options to guarantee that users are protected from liquidity issues.
Some of the options that the team is considering include restructuring liabilities and a wide range of other areas. The team noted that exploring these options was complex and needed time. However, the community needed to be assured of its collaboration with experts from different fields.
“Our relationship with the community and our clients has been a source of pride for all team members, and we will continue to share information with our customers as and when it becomes appropriate,” the announcement added.
Celsius hires advisors for a potential bankruptcy filing
Celsius was one of the best DeFi lending platforms before the liquidity issues started. The network has reportedly hired advisers from a management consulting company that will help the firm in the case of bankruptcy.
A report from the Wall Street Journal said that Celsius had hired several restructuring advisors to guide the company on filing for bankruptcy. The report came from another filed on June 14 saying that Celsius had appointed lawyers to help restructure the company as it faces financial difficulties.
Despite the issues, Celsius seems to be looking attractive to investors. Shortly after the company announced plans to halt withdrawals, Nexo Finance offered to buy Celsius assets, including its loan portfolio.
A recent report further said that Goldman Sachs, one of the giant institutions on Wall Street, wanted to raise $2 billion from investors to acquire the shares of the Network. According to people familiar with the matter, the deal will allow investors to acquire Celsius assets at massive discounts if the company files for bankruptcy.
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This article was written for Business 2 Community by Ali Raza.
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