Coinbase & Gemini are two new bidders in the Celsius auction
Reportedly Coinbase & Gemini crypto exchange are planning to place their bid to acquire collapsed crypto lending platform Celsius.
Celsius was a popular crypto lending platform. In May of the last year, the financial position of the Celsius platform was disturbed citing a highly volatile situation in the market. In mid of June 2022 Celsius suspended withdrawal services & later filed for bankruptcy under the Chapter 11 code of the U.S. Bankruptcy Court for the Southern District of New York.
The recent court document showed the list of consortiums, which are seeking to place bids in the Celsius auction on 25 April. These companies are VC firm Arrington Capital’s Fahrenheit, Proof Group Capital Management, former Algorand CEO Steven Kokinos, and investment banker Ravi Kaza.
Fahrenheit owner Michael Arrington mentioned that Coinbase was one of the companies backing the Fahrenheit consortium.
Another Celsius bidding for collapsed Crypto lending platform is Blockchain Recovery Investment Committee. One of the backers of this platform is the Gemini crypto exchange.
Many experts showed their happiness about such decisions by high-profile companies toward Celsius and noted that it will result in a better outcome for the Celsius creditors and also further boost the confidence of crypto investors in crypto lending services.
Cel token
Cel is a native token on the Celsius network, powered by crypto lender Celsius. Because of this news, the Cel token saw a sudden increment in its value, which can be seen in the price graph.
The current trade price of the Cel token is $0.27 & this trade price is 1% high over the last 24 hours’ trade price.
Earlier this few crypto investigators claimed that the Celsius team manipulated Cel’s token price to maintain the financial position of the company, following bankruptcy filing.
Read also: Congress should step in to bring crypto regulation, says Coinbase CEO
