Ripple Labs may consider buying the assets of bankrupt crypto lending platform Celsius.
Celsius was a crypto lending platform, which was providing lending & loan services to the users on behalf of the assets held on the platform but in June of this year platform faced a lack of liquidity issue on its platform because of the extreme volatility in the market. On 13 June, Celsius officially announced to suspend crypto swap & withdrawal from its platform.
On 10 August, Reuters reported that Ripple may show its significant presence in the Celsius platform ahead of its outage because of a lack of liquidity & mismanagement of the platform operations.
According to the report, San Francisco-based Fintech firm Ripple may consider buying assets of the Celsius platform, citing a company representative.
When it was asked about this report from one of the spokespeople from Ripple the spokesperson said that the company was analyzing to figure out the assets, which can be useful for the Ripple company.
“(Ripple) Company was “interested in learning about Celsius and its assets and whether any could be relevant to our business.”
Ripple vs SEC
At present, Ripple is under legal hurdles because of a lawsuit that was initiated by the US Securities and Exchange Commission (SEC) in December 2020.
Through the lawsuit, the SEC agency claimed that the native token of Ripple is security and should be registered with the agency.
It is interesting to see that Ripple is focusing on business expansion in the whole crypto market, instead of targeting its self-business model.
Once in the past, Ripple boss Brad Garlinghouse talked about the efforts of the Ripple company and said that Ripple secured huge success in the whole crypto industry in terms of the real need for crypto liquidity platform ODL and also worked to develop the Central Bank Digital Currency (CBDCs).