According to a Ripple Labs spokesperson, the distributed ledger company is interested in learning about bankrupt crypto lender Celsius and its assets. When asked if the blockchain company was interested in acquiring Celsius, a Ripple spokesperson declined to say. The news comes as Celsius customers pleaded with the bankruptcy court to release funds over the dire financial emergency.
Ripple Spokesperson Explains Distributed Ledger Company Is Interested in Bankrupt Firm Celsius and the Crypto Lender’s Assets
While Celsius customers await proceedings in the Bankruptcy Court for the Southern District of New York following the company’s bankruptcy filing on July 13, Ripple Labs appears to be focused on the crypto lender’s remaining assets. Reuters reporter Hannah Lang spoke to a Ripple spokesperson, who told Lang that “(Ripple Labs) is interested in learning about Celsius and its assets and whether any of them could be relevant to our business.” He said.
The comments came as Ripple CEO Brad Garlinghouse hinted at future mergers and acquisitions (M&A) when he visited the 2022 World Economic Forum (WEF) event in Davos. At that time, Garlinghouse said that Ripple Labs has a “very strong balance sheet.” He also added that Ripple Labs could participate in future mergers and acquisitions (M&A) transactions. We are now in a growth phase where we are more likely to be a buyer versus a seller,” Garlinghouse said at the WEF event.”
In an interview at the Collision 2022 event at the end of July, Garlinghouse discussed the company’s growth and its litigation with the US Securities and Exchange Commission (SEC).” If Ripple loses the case, will anything change? Basically, the status quo will remain the same. Ripple is still growing very, very rapidly,” Garlinghouse said at the time. Reuters reporter Lang noted that a Ripple Labs spokesman declined to comment on Thursday when asked whether Ripple would try to acquire Celsius outright.
Ripple Files Papers for Celsius Bankruptcy Proceedings
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This news comes at a time when Celsius customers are upset about the funds and many Celsius customers have written letters begging the bankruptcy court to gain access to the funds It was brought to my attention at a time when I wrote.” I and my family have been severely affected financially and emotionally by the bankruptcy and locked crypts.” One Celsius customer told the court, Lang reports, that Ripple has filed a filing in Celsius’ bankruptcy court proceeding, asking to be represented.” The court approved the filing earlier this week.” More on Lang’s report here.
Lang said the comments from a Ripple spokesperson were in response to Ripple’s request for comment on the court filing. Reuters also reports that the lawyer representing Ripple in the matter has not made any statements, and Celsius did not respond to Lang’s questions.On July 4, the Colombian government announced that a third-party company called Peersyst Technology had developed a blockchain-based Ripple’s distributed ledger will be used in the new land rights registry.
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