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
489
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 Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 843
BTC
+1.4%
-
Ethereum
$3 375.25
ETH
+7.27%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.39
XRP
+23.95%
-
Dogecoin
$0.393085
DOGE
+1.81%
-
Cardano
$0.866261
ADA
+10.42%
-
Bitcoin Cash
$490.89
BCH
-6.06%
-
Polkadot
$6.13
DOT
+7.56%
-
Stellar XLM
$0.285088
XLM
+18.06%
-
Litecoin
$90.3
LTC
-0.18%