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Is Ripple buying Celsius assets?

According to Reuters, Ripple Labs Inc. has filed a petition with a New York bankruptcy court to participate in the proceedings.

By Luc Vesters
• 1 min read
Is Ripple buying Celsius assets?

According to Reuters, Ripple Labs Inc. has filed a petition with a New York bankruptcy court to participate in the proceedings. A company spokesperson told Reuters that it was "interested in learning more about Celsius and its assets and whether they could be relevant to our activities." Additionally, Ripple "was actively seeking new merger and acquisition opportunities," the spokesperson said. The assets are digital assets Celsius stores for clients, he said. They include loans, a bitcoin mining company, its own CEL token, as well as other cryptocurrencies and cash.

The crypto lending service was forced to file for bankruptcy on July 14 this year. Prior to that, Celsius stopped withdrawals for customers on the platform. Ripple has been in a dispute with authorities since 2020. The U.S. financial regulator the SEC is currently suing Ripple. The charge: illicit fundraising via the sale of the XRP cryptocurrency.

The New York bankruptcy court has accepted Ripple's request to participate, Reuters said. It was further clarified that Ripple is not among Celsius's creditors. Celsius has yet to comment on the events.

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