Member-only story
Celsius Auction Set for Tuesday, Coinbase and Gemini Join Bidding for Bankrupt Firm
The sale of Celsius — the crypto lender that was seeking a valuation of over $7 billion when it collapsed last June — has taken a number of twists this weekend. A bankruptcy filing revealed that two new consortiums will take part in a three-way auction for the company that is set for this Tuesday. This article will delve into the details of the auction and the latest developments surrounding Celsius.
New Consortiums Join the Bidding
According to the bankruptcy filing, two new groups will be bidding alongside the previously announced consortium led by blockchain firm Atlas Group. One of the new groups is called Fahrenheit and is backed by well-known venture capitalist Michael Arrington, the former CEO of the blockchain project Algorand, and investment banker Ravi Kaza. The other consortium is called the Blockchain Recovery Investment Committee and is backed by Gemini Trust, owned by the Winklevoss twins, and the fund manager VanEck, which is seeking to create a crypto ETF.
What is Celsius?
Before delving into the latest auction news, let’s first understand what Celsius is. Celsius is a cryptocurrency lending and borrowing platform that allows users to earn interest on their cryptocurrency…
