Celsius engaged Citigroup to find sources of financing
The investment bank’s experts are helping the platform resolve the problem of its customers’ funds being frozen
16.06.2022 - 08:55
550
2 min
0
What’s new? Crypto lending platform Celsius has hired experts from the financial conglomerate Citigroup to advise on possible solutions to the company’s problems in connection with the freezing of its customers’ funds. In particular, in question is finding new sources of financing for Celsius. This is reported by The Block, citing its own sources.
What else is known about the Celsius situation? The Block’s interlocutors reported that the investment bank Citigroup is advising the Celsius team on potential financing options, including an offer from a rival company Nexo. On June 13, Nexo said that the company, its partners, and affiliates are ready to buy from Celsius part or all of the eligible outstanding collateralized loan receivables, subject to Nexo’s risk management requirements.
Citigroup representatives declined to comment on this information to The Block. Celsius has not yet responded to a request by reporters.
Citigroup is an international financial conglomerate listed as a systemically important bank. In November 2021, it announced the launch of a unit for working with cryptocurrencies within its institutional client services group. In 2022 is ranked 27th in Forbes Global 2000, a ranking of the world’s largest public companies. Citigroup has $2,39 trillion in assets under management.
On June 13, Celsius suspended withdrawals, exchanges, and transfers between accounts. According to a statement on the company’s blog, the decision was taken “due to extreme market conditions.” On June 14, it became known that the platform hired lawyers to restructure the company following the freezing of its customers’ accounts. Law firm Akin Gump Strauss Hauer & Feld LLP became Celsius’s partner.
Useful material?
Telegram 
Twitter Incidents
The attacks target blockchain developers looking for a new job
Apr 25, 2025
Crypto regulations
In turn, the European Commission said that the bank misinterpreted the norms of the law, and in its current form it is already capable of protecting the bloc’s economy
Apr 23, 2025
Market
The product will allow professional investors to track the price of the altcoin without having to hold it directly
Apr 18, 2025
Market
Previously, the PumpFun team launched their decentralized exchange to preserve liquidity in their ecosystem
Apr 17, 2025
Technologies
The company predicts that devices powerful enough to crack a 256-bit key could be available in the next 10 years
Apr 17, 2025
Mining
The collaboration aims to increase decentralization of the blockchain
Apr 15, 2025
Cryptocurrency rates
-
Bitcoin
$94 399
BTC
+1.76%
-
Ethereum
$1 774.63
ETH
+1.1%
-
Ripple
$2.19
XRP
+0.97%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Dogecoin
$0.180764
DOGE
+3.67%
-
Cardano
$0.713535
ADA
+2.27%
-
Stellar XLM
$0.28304
XLM
+4.84%
-
Bitcoin Cash
$368.17
BCH
+5.89%
-
Litecoin
$85.78
LTC
+5.28%
-
Polkadot
$4.26
DOT
+5.63%