Investment banking giant Goldman Sachs is planning to buy up crypto assets of lending platform Celsius Network if the situation for the latter worsens any further.
Several reports floating around, Goldman aims to raise a major amount to make the purchase. As per a recent report by Coindesk, Goldman Sachs intends to get involved after previous investors refused to bail out the company. The report cites sources familiar with the matter and reveals that the Wall Street giant is planning to raise $2 billion from investors to make a successful purchase of the massively discounted digital assets from Celsius.
Will Celsius recover from the ongoing crisis?
TheCoinRise reported the entire situation in which Celsius Network had to pause all the withdrawals on June 12, resulting in a serious panic. After the incident, rival lending platform Nexo AG also offered a bailout to acquire collateralized loans from the company. As we reported recently, Celsius has reportedly hired advisors to file for potential bankruptcy. Moreover, the services on the platform are still unoperational, and the CEO said that the team is working around the clock to resolve the withdrawal issues. Celsius has also paused all its social media interactions to focus on solving the problem.
As a result, the banking giant has continued to research the cryptocurrency market after discussing derivatives services with FTX, collateralizing BTC for loans backed by bitcoin, and criticizing it for many more years.
Contrarily, Celsius also had bids to sell its assets to other companies like Nexo. According to more recent sources, Citibank, another well-known Wall Street name, also wants to involve in the matter.
It would be interesting to see if Celsius would be able to solve its withdrawal issue by combating the crypto winter and its consequences. Several players are sitting high to grab the opportunity of acquiring assets at a serious discount.