Goldman Sachs eyeing to buy Celsius Network assets, say sources
Celsius Network Assets
Modified Date:- Published Date:-Categories: Cryptocurrency
Wall Street giant Goldman Sachs is looking to raise nearly $2 billion from investors to buy digital assets from troubled crypto CeDeFi platform Celsius Network, The Wall Street Journal reported on June 24, 2022. It is no secret that the Celsius Network is under immense financial and regulatory pressure. , The decline in the broader crypto market has surrounded many yield generating platforms that offer investors attractive interest payments on their crypto deposits including Celsius Network. Sources close to the matter say Goldman Sachs is interested in buying Celsius assets at a steep discount to the market value when the platform files for bankruptcy. Specifically, Goldman Sachs is anticipating interest and solicitation commitments from Web3 crypto funds, funds specializing in distressed assets, and traditional financial institutions with more than enough cash. In addition to hiring Alvarez and Marsal, Celsius has utilized the services of restructuring attorneys from the law firm Akin Gump Strauss Hauer & Feld. It is worth noting that Citigroup, another investment banking titan, has been listed by Celsius to advise on potential solutions, including evaluating a proposal from rival crypto-asset lender Nexo.People close to the matter said both Citigroup and Akin Gump have recommended the Celsius file for bankruptcy.
Goldman Sachs is reportedly eyeing to buy the assets of Celsius Network, a Crypto Firm that tumbled after its founder liquidated it and blamed the collapse on a hack. The Negotiation come as a result of a recent bankruptcy court ruling, which will see asset from the failed firm sold for pennies for the dollar.