Celsius Network LLC, the lending platform that filed for Chapter 11 protection in July, has selected a proposal by Fahrenheit as the winning bid to lead the company out of bankruptcy. The consortium, led by Arrington Capital, a blockchain-based venture capital firm, will acquire Celsius and its cryptocurrency lending and bitcoin mining businesses. The new company formed as a result of the purchase will be overseen by a new board of directors primarily appointed by creditors.
Celsius also revealed that it has secured a backup bid from the Blockchain Recovery Investment Consortium (BRIC), a holding company affiliated with Gemini Trust, owned by the Winklevoss twins, ensuring an alternative option in case the deal with Fahrenheit falls through.
According to reporting by Reuters, Fahrenheit will provide necessary capital, management expertise, and technology to navigate the bankruptcy. With the selection of Fahrenheit, there is hope for a positive outcome for Celsius and its creditors, allowing the company to move forward under new management and ownership.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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