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Celsius Looking To Pay Back Customers With New Wrapped Assets

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Sep 22, 2022

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Celsius executives seem to be considering putting forward a proposal to pay back customers, which basically includes issuing new wrapped assets to trade on other platforms. The scheme aims to funnel Celsius’ remaining funds allocated to repaying customers into wallets, then issue wrapped tokens, known as Cx tokens, to represent the ratio of how much the firm owes to how much it has on hand.

Customers may redeem their wrapped tokens or probably wait for a larger payout when additional revenue hits. Celsius has plans to enable trading for the wrapped tokens on other venues too like the users could withdraw their tokens and go to Uniswap or other platforms and allow the market to price the token. 

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