With a significant downturn in the crypto market and extreme market conditions, Celsius Network suspended withdrawals from its platforms last week. In addition, it paused all swaps and transfers between the platform’s accounts.
The company has been in a terrible phase with major liquidations on the platform.
According to reports, Goldman Sachs Group Inc (NYSE: NYSE:GS) has come forward to rescue the firm and has offered to raise $2 billion from investors to buy up distressed assets from Celsius.
Goldman Sachs is currently weighing interest from Web 3 crypto funds. With this deal, investors would be allowed to buy up Celsius’ assets at significant discounts in the event of a bankruptcy filing.
Also Read: Nexo Offers To Buy Celsius Assets Amid Withdrawal Halt
Celsius had more than $8 billion lent to clients and $12 billion in assets under management.
The Wall Street Journal reported that Celsius has roped in advisory firm Alvarez & Marsal for this deal. It has also tapped in restructuring attorneys from the law firm Akin Gump Strauss Hauer & Feld.
According to a report, Celsius raised close to $750 million from the investors last year, including Canada’s second-largest pension fund, Caisse de dépôt et placement du Québec.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read at Benzinga