Goldman Sachs started looking for investors to buy back Celsius’ assets
The investment bank requested $2 billion from cryptocurrency funds and traditional financial institutions
25.06.2022 - 08:55
263
2 min
0
What’s new? Goldman Sachs, an investment bank, plans to raise $2 billion from investors to buy the assets of Celsius Network, a DeFi platform for lending and staking cryptocurrencies, which is on the verge of collapse. According to CoinDesk's sources, the deal being discussed would allow investors to buy back Celsius' assets at deep discounts in case the platform files for bankruptcy. To find funds, Goldman Sachs turned to funds specializing in distressed assets, traditional financial institutions and investors in Web 3.0 projects.
Goldman Sachs is one of the largest investment banks in the United States. According to data from 2021, it has $2,5 trillion in assets under supervision. Its market cap, according to Forbes, is $102,7 billion. The bank has a cryptocurrency trading desk.
Celsius situation. On June 13, the platform suspended withdrawals, exchanges and transfers between accounts due to “extreme market conditions.” On June 14, Celsius hired lawyers to restructure the company, and on June 15 it brought in specialists from Citigroup Investment Bank to find new sources of funding.
On June 24, The Wall Street Journal, citing its own sources, reported that Celsius was consulting with law firm Alvarez & Marsal about a possible bankruptcy filing.
On June 21, the price of the platform's native token, CEL, rose 933%. After Celsius' client funds were frozen, traders had no interest in the token for ten days, while “big shark and whale addresses were accumulating in a big way,” which contributed to the rise in value. As of June 25, 09:30 UTC, the asset is trading at $1,05, having gained 0,89% in 24 hours, according to Binance.
Useful material?
Telegram 
Twitter Market
Analysts note that from 2024 to 2030, tokens worth $155 billion will be unlocked
May 17, 2024
Technologies
The new mechanism has already made it possible to calculate over tens of millions of fraudulent addresses
May 16, 2024
Incidents
The amount of damage amounted to $25 million in cryptocurrencies
May 16, 2024
Market
FTX customers will be compensated in cash, unlike Mt. Gox and Gemini customers who will receive cryptocurrencies
May 16, 2024
Technologies
It is available to crypto wallet users worldwide as an additional feature
May 15, 2024
Market
The ex-official known for his initiatives to explore the potential of blockchain in the financial system has joined the board of directors of a fintech company
May 14, 2024
Cryptocurrency rates
-
Bitcoin
$66 874
BTC
-0.03%
-
Ethereum
$3 074.8
ETH
-1.08%
-
BNB Smart Chain
$576.7
BSC
+0.07%
-
Ripple
$0.513855
XRP
-1.32%
-
Dogecoin
$0.150092
DOGE
-1.33%
-
Cardano
$0.470828
ADA
-1.69%
-
Bitcoin Cash
$485.34
BCH
+1.77%
-
Polkadot
$7.01
DOT
-1.5%
-
Litecoin
$82.55
LTC
-1.55%
-
Stellar XLM
$0.106061
XLM
-1.67%