Home Crypto Ripple Considers Acquiring Bankrupt Crypto Lending Platform Celsius

Ripple Considers Acquiring Bankrupt Crypto Lending Platform Celsius

Ripple Chart Points to Coming Breakout

Ripple is actively looking for ways to scale the company through mergers and acquisitions, a representative told Reuters. Now, rumors are circulating that Ripple Labs may be interested in acquiring the beleaguered lending platform Celsius.

Confirmation from Reuters

A representative of Ripple, the company behind XRP, told Reuters that the company is “interested” in learning about Celsius and its assets and whether it might be relevant to their business. When asked whether Ripple plans to take over Celsius completely, the representative declined to comment. The Celsius token rose 23 percent on Wednesday in response to the news.

Celsius froze its users’ assets in June due to “extreme market conditions”, after which several other major players also ran into problems. Shortly after, it hastily paid off some DeFi loans to recover its collateral and then filed for bankruptcy. So far, things don’t look very rosy for Celsius and especially the users who entrusted their capabilities to the platform.

Chances are the rumors are true

Interestingly, Ripple is not in Celsius’s creditor list. Which means that Ripple Labs has no outstanding loans with Celsius, but they do participate in the bankruptcy. That points to Ripple’s plans for Celsius, and if the company’s representative won’t deny it, there’s a good chance the rumors are true.

In that respect, it is not surprising that the Celsius token made a big jump in the past 24 hours. The only question is what exactly Ripple intends to do with Celsius and to what extent it fits in with their products and in what way the XRP token may benefit from this. For now, however, these are still rumors and it is mainly speculation.

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