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The fact that Celsius had to freeze customer funds and that everything that happened before its insolvency was poorly communicated is frustrating. Many investors are still looking for a way to recover from the incident while the company is trying to somehow keep on running its business operations and formulating a survival plan. An unlikely event has happened and another player has entered the ring and the rumors are spreading that Celsius could be saved.
Why is Ripple looking into Celsius and can they save the day?
Ripple is interested in Celsius assets
According to a report from Reuters, Ripple is interested in the asset of Celsius. Of course, this raises the question if Ripple might be even looking to invest money into Celsius or even to buy the company. Both parties denied commenting if an acquisition is on the table.
What to make of this? Celsius is missing more than $1 billion and needs cash. If the company is not bought or finds new investors there is only a small chance of survival. One thing that Celsius could also consider is to sell its assets which of course are mostly cryptos from its customers.
At this point, it seems unlikely that Ripple is buying Celsius right away. Should they really consider rescuing Celsius then this would be sensational news, even though it is highly unlikely that this will ever happen. What is more likely is that they are simply doing what they already told to Reuters. Ripple is assessing if it’s a promising opportunity that may or may not be limited to buying assets from the bankrupt company.
Struggle with the SEC continues
Another factor that comes into play is that Ripple is still struggling in a year-long lawsuit against the US Security and Exchange Commission. The SEC claims that XRP is an unregistered security and the outcome of the lawsuit is still unclear.
While Ripple is looking into Celsius assets, this could seriously impact its own operations in the US should the judge rule in favor of the SEC. Many exchanges and brokers already stopped offering XRP to their US customers. What is even more important is the fact that Ripples operations are not limited to the development of XRP. In fact, most of their partnerships are based on selling fintech which is making use of the XRP ledger by building financial tools and products on top of it that are only accessibly to Ripples partners and customers.
Should the lawsuit turn against Ripple the company might even leave the US. A possible destination to move its headquarters might be Japan or Dubai as it was rumored last year already after Ripple confirmed that it could leave the US if the verdict would turn against the company.
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XRP goes green: Ripple plans to become carbon-neutral in 2030
We all know the debate about whether mining is a sin to mother nature and if it is inevitable for blockchain technologies to achieve carbon neutrality. There is most likely no stronger movement in western society than the advocacy for taking climate change seriously and acting accordingly. While the Netherlands is mostly engaged in researching hydrogen as an alternative energy source, Germany decided to shut down its nuclear power plants even in the face of a severe energy crisis. This underlines how important this topic is. How is Ripple planning to become carbon-neutral and how does the XRP Ledger contribute to the fact?
Celsius is attempting to pay back over $200 million to customers
Celsius has caused a lot of drama ever since the CeFi lender stopped withdrawals for its customers a few months ago. A few weeks after stopping the withdrawals the company filed for bankruptcy in the US and ever since many retail investors are afraid that they might not see their money back. But there is light at the end of the tunnel, and a selected group of people might see their money back. What is the status of Celsius, and who is going to benefit from the latest filing in its case?
What is Ripple (XRP) and how did it originate?
Ripple is a private software company founded in 2012 by Jed McCaleb and Chris Larsen in California. The unlisted company was first called OpenCoin, but later renamed Ripple. The company began developing the Ripple protocol in 2012, which is a decentralised peer-to-peer (P2P) network that offers banks and other financial institutions a payment protocol. XRP is the native token of the Ripple network and is issued and developed only by the Ripple company. Ripple's open source protocol is already being used by banks and other institutions.
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