Ripple Labs explores buying Celsius Network assets

Ripple Labs is one of the companies that is interested in acquiring assets from struggling cryptocurrency lender Celsius Network.

Ripple is facing regulatory pressure from the US Securities and Exchange Commission (SEC).

“We are interested in learning about Celsius and its assets, and whether any could be relevant to our business”, a Ripple Labs spokesperson said.

Ripple has been expanding in the cryptocurrency market, while notching up some victories of its own against SEC.

The potential acquisition of Celsius Network will enable Ripple Labs to further scale its operational base and its product offering.

Celsius has filed for bankruptcy with creditors filing the relevant documents with courts to seek ways to restore some of their investments.

Celsius had to freeze withdrawals earlier this year after the company reported that the bear cryptocurrency market had left it without enough liquidity to service consumers who had been fleeing and withdrawing their holdings.

Ripple is not listed as any of the major creditors for Celsius Network which prompted Reuters to seek an explanation as to why the company sought to be added to the bankruptcy proceedings.

However, no further comment was offered beyond a confirmation that Ripple is interested to purchase some of the assets that Celsius Network may be forced to sell.

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Updated: 08/11/2022 — 14:00