Ripple Is Thinking Of Buying Bankrupt Crypto Lender Celcius, Youniverze Finance is Gaining Momentum
Ripple Is Thinking Of Buying Bankrupt Crypto Lender Celcius, Youniverze Finance is Gaining Momentum. Buy and Hold Bitcoin, Chainlink, and Supontis. This is a sponsored advertising post. Nothing in this content should be construed as advice, it is meant for informational purposes only.
The bear market has claimed the lives of many projects on an unprecedented scale. Before the crypto winter took over, a handful of major crypto companies filed for bankruptcy. However, this has been an unfortunate trend, taking names across the board in the past eight months. One of the latest bankruptcies happened to the crypto lending company Celsius.
In the recent development, it looks like Ripple Labs—the blockchain payments company behind the XRP token— is considering purchasing assets belonging to the aforementioned crypto lending company. In today’s editorial, I will consider the possibility of this purchase and see whether Youniverze Finance can uphold its growing reputation. Let’s dive in.
Earlier in June, Celsius froze its users’ assets due to extreme market conditions in hopes of preventing the total collapse. However, it was already too late, and the company paid its outstanding debts on various DeFi loans, reclaimed its collateral, and filed for bankruptcy a month later.
The filings revealed that Celcius assets included cash, cryptocurrency, the company’s (CEL) tokens, along with various digital assets within its custody accounts, loans, and Bitcoin mining business. Despite desperate attempts to cover all the losses, the company still logged a $1.19 billion deficit on its balance sheet. This essentially means that the odds of the company’s creditors getting any of their money back look highly unlikely.
According to a company spokesperson, Ripple is looking into how buying Celciuse’s assets can benefit Ripple Labs in the long run. Although declining to answer whether the company will acquire the whole of Celcius, the possibility of this happening is increasing daily.
One of the reasons we believe this could happen is because earlier this month, a Ripple Executive gave an interview to Reuters, where it was made clear that the company is actively looking for M&A opportunities to scale the company strategically.
On the back of this news, CEL, the native utility token of Celsius’ platform, rose more than 23% on Wednesday, foreshadowing more growth if the purchase indeed occurs.
Can Youniverze Finance Maintain Its Pace?
Youniverze Finance (YUNI) is the new kid on the crypto block, but it has already generated some attention around its project. According to its White Paper, it aspires to become a unification point for users to enjoy the realm of Defi and Metaverse. The end product will have a shared virtual environment, offering users engaging experiences with cutting-edge technologies such as virtual and augmented reality, powered by blockchain technology.
However, the project’s primary selling point is encapsulated in the promise to deliver a seamless user experience across the board. Whether users are engaged in liquidity, staking, or interacting with the broader metaverse, everything will be tailored for their needs.
Considering the company’s official statement, the likelihood of Ripple purchasing Celcius is very high. Regarding Youniverze Finance, the project still has to prove itself and show that it can live up to the promised potential. However, judging by its White Paper, it has all the necessary ingredients to succeed. Remember that you should always have to do your own research, even if you are investing in prominent projects.
If you want to learn more about Youniverze Finance, visit this website.