On the 10th of August, a spokesperson from Ripple Labs revealed that the company is interested in some of the assets owned by Celsius. While it wasn’t explicitly stated that Ripple would acquire the Celsius network, the Ripple representative acknowledged that some of the assets owned by Celsius might be relevant to their company.
The Celsius network has gone through some difficult times this year after the market turmoil in the last few months hit the company hard. Celsius is into asset management and investment. The company used a bulk of funds from investors to stake and long various cryptocurrencies.
The supposedly fruitful endeavor turned out negative for the company, with the company’s valuation and asset holdings tumbling violently. A bankruptcy filing report revealed that the Celsius network has only a handful of assets. These include its BTC mining business, a few loans, and crypto assets, including the CEL token created by the company.
While Ripple is yet to seal any deal with the Celsius network, the company was reportedly valued at $15 billion earlier this year. Notably, though, the company’s valuation is estimated to be way less due to the crash of the crypto market in 2022.
Ripple recorded a total sale of XRP tokens worth $273 million in the year’s first quarter. In the year’s second quarter, the company recorded a sale of $408 million in XRP tokens.
Although the case between Ripple and the Securities and Exchange Commission is yet to be finalized, the company still has enough room for a spending spree. The SEC accused Ripple of conducting illegal securities sales in XRP. Ripple, however, has denied the allegations, arguing that XRP is classified as a digital currency. In the meantime, Ripple seems to be defending the claims well.
