Financial services titan Goldman Sachs is reportedly raising $2 billion to purchase discounted assets from embattled crypto lending platform Celsius (CEL).
According to a new report by CoinDesk, sources familiar with the matter say that Goldman Sachs is spearheading a group of investors in an effort to gobble up marked down assets of Celsius in case the firm files for bankruptcy.
An unnamed source familiar with the situation says that Goldman Sachs is determining whether there’s interest from Web 3.0 crypto funds, traditional financial institutions with capital to deploy and funds that specialize in distressed crypto assets.
The report also notes that the assets, which is likely in the form of crypto, would probably be managed by participants of the fundraiser.
Earlier this month, Celsius started a restructuring process featuring two prominent attorneys as a means of exploring its options in the face of possible insolvency after its native asset CEL fell 99% from its all-time high.
On June 13th, Celsius announced the halting of withdrawals and transfers due to extreme volatility in the crypto markets.
The firm said it made the decision “in order to stabilize liquidity and operations while we take steps to preserve and protect assets.”
“Celsius Network is pausing all withdrawals, swap, and transfers between accounts. Acting in the interest of our community is our top priority. Our operations continue and we will continue to share information with the community.”
Celsius is changing hands at $0.83 at time of writing, a nearly 20% drop on the day.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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