Home Uncategorized BnkToTheFuture Reveals How Celsius Can Be Saved

BnkToTheFuture Reveals How Celsius Can Be Saved

BnkToTheFuture Reveals How Celsius Can Be Saved

Online investment platform BnkToTheFuture, which owns a stake in Celsius, has unveiled three rescue plans for a crypto lender facing a liquidity crisis.

“BnkToTheFuture and our CEO Simon Dixon, as contributors and shareholders, are committed to doing everything in our power to find a good solution for Celsius customers and shareholders. We have successfully done this before with other companies, and we can do it again,” the platform team said.

The company owns more than 5% of Celsius shares, and Dixon is named “one of the largest contributors” to the crypto lender in a statement.

The proposed rehabilitation options in BnkToTheFuture were urged not to be considered as legal advice. These include:

  1. Restructuring Celsius to restart and enable contributors to profit from the recovery through financial engineering. This path is associated with risks and does not guarantee a full refund, the authors noted.
  2. Joint investment of the pool of “the most influential bitcoin whales” and the community. The firm used a similar plan to restore Bitfinex in 2016. Earlier for Celsius it was already presented by Dixon.
  3. An operational plan that will allow the new organization and team to rebuild and recover contributor funds. According to the authors, the option also does not guarantee a full return with associated risks.

BnkToTheFuture has submitted its proposals to the community for consideration. The company intends to find out the opinion of users and, possibly, get other options for rehabilitating Celsius from them before convening a meeting of shareholders.

Celsius said it “continues to take steps to preserve assets and explore available options.”

“These options include, among other things, pursuing strategic transactions, as well as restructuring our liabilities. These studies are complex and time-consuming, but we want the community to know that our teams work with experts from a wide variety of fields,” the message says.

On June 13, Celsius suspended withdrawals, exchanges, and transfers between accounts “due to extreme market conditions.”

Leading investors of the crypto lending company refused to give it additional funding, according to media reports.

Georgetown University law professor Adam Levitin said the Celsius leadership was betting on a “resurrection gamble.” In his opinion, the bankruptcy of the company is almost inevitable.

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Source: Cryptocurrency



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