According to a Ripple Labs spokesperson, the distributed ledger company is interested in learning about the bankrupt crypto lender Celsius and its assets. When Ripple’s spokesperson was asked if the blockchain firm was interested in acquiring Celsius, the company declined to say. The news follows Celsius customers begging the bankruptcy court to release funds over dire financial emergencies.
Ripple Spokesperson Explains Distributed Ledger Company Is Interested in the Bankrupt Firm Celsius and the Crypto Lender’s Assets
While Celsius customers await the Southern District of New York bankruptcy court proceedings following the company’s bankruptcy filing on July 13, it seems Ripple Labs is focused on the crypto lending firm’s remaining assets. Reuters reporter Hannah Lang talked to a Ripple spokesperson and the individual told Lang that “[Ripple Labs is] interested in learning about Celsius and its assets, and whether any could be relevant to our business.”
The commentary follows Ripple’s CEO Brad Garlinghouse hinting about future mergers and acquisitions (M&A) when the executive visited the 2022 World Economic Forum (WEF) event in Davos. At the time, Garlinghouse said Ripple Labs has “a very strong balance sheet.” He also added that Ripple Labs may participate in future mergers and acquisitions (M&A) deals. “We’re now at a stage of growth where I think we’re more likely to be the buyer versus the … seller,” Garlinghouse said at the WEF event.
During an interview at the end of July at the Collision 2022 event, Garlinghouse talked about the company’s growth and the lawsuit with the U.S. Securities and Exchange Commission (SEC). “If Ripple loses the case, does anything change? It’s basically just status quo. Ripple is still growing very, very quickly,” Garlinghouse said at the time. Reuters’ reporter Lang noted on Wednesday that the Ripple Labs spokesperson declined to comment when she asked if Ripple would attempt to acquire Celsius entirely.
Ripple Submits Filings to Celsius Bankruptcy Court Proceedings
The news comes at a time when Celsius customers are upset about their funds and a number of Celsius clients wrote letters to the bankruptcy court begging to get access to their funds. “I and my family are severely impacted both in financial and mental health by the bankruptcy and locked up cryptos,” one Celsius customer told the court. According to Lang’s report, Ripple has submitted filings to the Celsius bankruptcy court proceedings and seeks to be represented. “The court approved the filing earlier this week,” Lang’s report details.
Lang said the Ripple spokesperson’s commentary was in response to Ripple being asked to comment on the court filings. The Reuters report also said that the lawyer representing Ripple in the matter did not provide any statements and Celsius hasn’t responded to Lang’s questions. On July 4, the government of Colombia revealed that Ripple’s distributed ledger would be leveraged in a new blockchain-based land title registry developed by a third-party company called Peersyst Technology.
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