08-10-2022 icon

Ripple Labs shows interest in buying Celsius

By Lucy Adegbe

Ripple Lab has reportedly declared interest in buying the assets of Celsius Network. According to Reuters, a spokesperson of the blockchain firm had revealed this after Celsius filed for bankruptcy, noting that the assets will help them.

“We are interested in learning about Celsius and its assets, and whether any could be relevant to our business,” the spokesperson said, however, not commenting on Ripple’s decision to buy Celsius.

With the current state of the crypto market, Ripple has grown as a payment company.

It will be recalled that Celsius had halted withdrawals on its platforms, citing market conditions. Having a deficit of $1.19 billion in its balance sheet, the company later filed for bankruptcy.

Ripples, accumulated over $408.9 million from the sale of its digital assets – XRP.

While the Securities and Exchange Commission (SEC) lawsuit against Ripple continues to drag on, it is unclear whether Ripple’s potential acquisition of Celsius will pull through.