Sources Say FTX Is Keen on Acquiring the Assets of Celsius Networks

    Crypto trade FTX U.S. has been on a significant acquisition spree this 12 months of distressed property following the main crash in the crypto market. Earlier this week, FTX won the bid for buying property of troubled crypto lender Voyager Digital.

    As per sources accustomed to the matter, the crypto trade shall now be bidding for the property of the bankrupt lender Celsius Network. There’s information in the market that FTX is at the moment in the course of of elevating $1 billion from the market.

    If FTX can pull this Celsius deal off, it’s going to assist them to unfold if footprint throughout different sectors of the cryptosphere. In addition to its lending enterprise, Celsius additionally owns a crypto custody enterprise and Bitcoin mining operations. For now, it’s unclear if Sam Bankman-Fried’s group of corporations, which embrace FTX and Alameda Research, are bidding for just some or all of Celisus’s property.

    As mentioned, Sam Bankman-Fried managed to efficiently scoop the property of Voyager Digital for an enormous $1.4 billion. This contains $1.3 billion in worth of all cryptocurrencies at the moment with Voyager Digital in addition to $110 million of “additional consideration”.

    The information of buying Celsius’s property comes simply after CEO Alex Mashinsky resigned on Tuesday. Celsius is at the moment contemplating a number of choices on the desk together with restructuring in addition to liquidation. Last month, Celsius acquired a number of provides of a recent money infusion to assist with its restructuring course of.

    Relocating FTX Headquarters

    On Tuesday, FTX chief Sam Bankman-Fried additionally made one other vital announcement of relocating the FTX headquarters from Chicago to Miami. Furthermore, Zach Dexter will succeed Brett Harrison as the new president of FTX US. Dexter was beforehand the CEO of LedgerX earlier than it acquired acquired by FTX U.S. In Tuesday’s announcement, SBF noted:

    Really grateful to work with @zachdex, @_Ryne_Miller, and others to push ahead in the US; and a heartfelt goodbye to @Brett_FTX as he transitions to an advisor and FTX US transitions to its Miami HQ! Being agile and coordinated is a core worth–it’ll be nice to be collectively.

    Bhushan is a FinTech fanatic and holds a very good aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and typically discover his culinary abilities.

    The introduced content material might embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.

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