Sources Say FTX Is Keen on Acquiring the Assets of Celsius Networks

    Crypto exchange FTX U.S. has been on a major acquisition spree this year of distressed assets following the major crash in the crypto market. Earlier this week, FTX won the bid for acquiring assets of troubled crypto lender Voyager Digital.

    As per sources familiar with the matter, the crypto exchange shall now be bidding for the assets of the bankrupt lender Celsius Network. There’s news in the market that FTX is currently in the process of raising $1 billion from the market.

    If FTX can pull this Celsius deal off, it will help them to spread if footprint across other sectors of the cryptosphere. In addition to its lending business, Celsius also owns a crypto custody business and Bitcoin mining operations. For now, it’s unclear if Sam Bankman-Fried’s group of companies, which include FTX and Alameda Research, are bidding for only some or all of Celisus’s assets.

    As said, Sam Bankman-Fried managed to successfully scoop the assets of Voyager Digital for a massive $1.4 billion. This includes $1.3 billion in value of all cryptocurrencies currently with Voyager Digital as well as $110 million of “additional consideration”.

    The news of acquiring Celsius’s assets comes just after CEO Alex Mashinsky resigned on Tuesday. Celsius is currently considering several options on the table including restructuring as well as liquidation. Last month, Celsius received multiple offers of a fresh cash infusion to help with its restructuring process.

    Relocating FTX Headquarters

    On Tuesday, FTX chief Sam Bankman-Fried also made another important announcement of relocating the FTX headquarters from Chicago to Miami. Furthermore, Zach Dexter will succeed Brett Harrison as the new president of FTX US. Dexter was previously the CEO of LedgerX before it got acquired by FTX U.S. In Tuesday’s announcement, SBF noted:

    Really grateful to work with @zachdex, @_Ryne_Miller, and others to push forward in the US; and a heartfelt goodbye to @Brett_FTX as he transitions to an advisor and FTX US transitions to its Miami HQ! Being agile and coordinated is a core value–it’ll be great to be together.

    Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

    The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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