Crypto Lending Firm Celsius Hires Restructuring Lawyers To Save Company From Market Meltdown
Celsius suffering under current market conditions.
Celsius is a crypto lending platform that allows investors to earn, borrow, buy or trade digital assets. Celsius is considered the bank of the crypto sphere. All services provided by the company are aimed at enhancing investment opportunities in the market. The company’s main vision is to build an economy where financial freedom is priceless. Their main goal is to disrupt the financial wall and provide financial freedom via crypto.
Since crypto market conditions have been pitiful for the past couple of months, Celsius is also under pressure as it mainly deals in cryptocurrencies. Last week, Celsius then announced that it was withdrawing all trades, transactions and transfers between accounts belonging to the current volatile market conditions.
Celsius is exploring options to return.
Celsius is primarily exploring a way out of this slump through possible funding through investors. Secondarily, Celsius also plans to prepare alternative plans and methods to help the company get back on track. One of the people familiar with Celsius said the company was looking to restructure its process in order to recover from the collapse.
Recruitment of lawyers for restructuring.
The crypto lender then hired restructuring lawyers from a law firm called “Akin Gump Strauss and Feld LLP.” The lawyers should help Celsius out of the soup by offering possible solutions that are viable and reduce the company’s growing financial problems.
Lawmakers are also watching the marketplace carefully.
Lawmakers in the country are watching the market carefully and seeing how cryptocurrency platforms crash when bearish. A group of bipartisan senators last week proposed legislation to protect investors in the event crypto trading platforms fail. They work towards the goal by proposing that digital assets be segregated in the event of bankruptcy.
It is certainly obvious that Celsius is not a comfortable position in today’s prevailing market conditions. Complex market conditions prompted the company to make difficult decisions such as freezing accounts, hiring restructuring lawyers. These results of these decisions can only be measured when Celsius gets back on its feet. As of May 17, Celsius’ assets were down at least 50% from where they were in October of last year, proving the ruthless nature of market volatility.