HomeCryptocurrenciesGoldman Sachs Looking to Raise $2 Billion for Buying Celsius Network Assets

Goldman Sachs Looking to Raise $2 Billion for Buying Celsius Network Assets

Major U.S. investment bank Goldman Sachs is reportedly in the process of raising $2 billion aimed at buying crypto lender Celsius Network’s distressed assets. According to Fortune, this type of deal would allow investors to pick up Celsius’ assets for a huge discount in case the struggling crypto company decides to take the bankruptcy route.

Goldman Sachs has been quite diverse in its attempts to round up the necessary money. It reached out to crypto funds but also companies specialized in acquisitions of distressed assets as well as some more traditional financial institutions. If the efforts pay off, Goldman will not manage the assets itself, according to Market Insider. Instead, the bank would only serve as a broker while passing on everything else to individual investors.

Celsius Network, which facilitated lending and borrowing of cryptocurrency for users, has been hit particularly hard by the recent crypto market crisis. Amid the decrease in value of major cryptocurrencies, the lender was forced to freeze withdrawals, swaps, and transfers earlier this month, and it is unclear when, if at all, this activity will be resumed.

The company reached out to multiple restructuring specialists in recent weeks and has been advised to file for bankruptcy by Citigroup and Akin Gump. Celsius is reportedly also considering a takeover offer from rival Nexo.

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