Ripple Labs Eyes Cryptocurrency Bank Assets Celsius

Ripple has continued to grow despite the cryptocurrency market turmoil and “is actively looking for M&A opportunities to strategically scale the company,” the spokesperson said (Image: Pexels/Karolina Grabowska)

the company of blockchain Ripple Labswho is engaged in a battle with the United States capital market regulator (SEC)is valuing the bank’s assets cryptocurrencies that collapsed Celsius Network, according to a company spokesperson.

“We are interested in learning about Celsius and its assets, and whether any may be relevant to our business,” the spokesperson said, declining to say whether Ripple was interested in acquiring Celsius right away.

Ripple has continued to grow despite the cryptocurrency market turmoil and “is actively looking for M&A opportunities to strategically scale the company,” the spokesperson said.

Celsius froze withdrawals in June citing “extreme” market conditions and filed for bankruptcy protection in June. New York last month, listing a $1.19 billion hole in its balance sheet.

Last week, Ripple’s lawyers filed applications with the bankruptcy court seeking representation in the Celsius lawsuit. The court approved the request earlier this week. Ripple is not among Celsius’ main customers.

Representatives for Ripple and Celsius declined to comment.

Total sales of Ripple’s XRP cryptocurrency amounted to $408.9 million in the second quarter, compared to $273.3 million in the first quarter, according to a report released by the company in July.

The company was sued by the SEC in 2020 over XRP. The agency alleges that Ripple and its current and former presidents held a $1.3 billion unregistered bond offering through the sale of XRP, which Ripple’s founders created in 2012.

The company and executives deny the allegations and the company argues that XRP has been traded and used as a digital currency.

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Source: Moneytimes

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