CEL Token Spike 15% As FTX Bids To Acquire Celsius Network

The year 2022 has seen many acquisitions among which the crypto exchange FTX has been the major contributor as the exchange has acquired major distressed firms. In the month of July, FTX had eyed acquiring the Bithumb exchange and now the firm is looking forward to buying crypto lender Voyager Digital and Celsius network.

At the start of this week, FTX won the bid against Binance to acquire the assets of Voyager Digital and now the firm is moving ahead to bid for the assets of Celsius Network. As per the reports the firm is also looking forward to raising $1 billion from the market.

The Celcius acquisition comes after its CEO Alex Mashinsky Alex Mashinsky   Alex Mashinsky is a technology entrepreneur of Israeli-American descent and a prominent person in the cryptocurrency space. He is a co-founder and ex-CEO of Celsius Network, founded in 2017. It is a lending platform built on blockchain technology.   Having a background in leading VOIP technology, he moved into cryptocurrency to offer decentralized financial solutions.   Quick Facts   Full name Alexander Mashinsky Birth 06-10-1965, Ukrainian Soviet Socialist Republic Nationality Israeli-American  Education Electrical Engineering from Tel Aviv University (dropped out) Wife/Partner Krissy Mashinsky Net worth Estimated in millions   Under his guidance, Celsius sought to make banking accessible to all by providing interest-earning crypto accounts and loans. Nevertheless, the platform encountered legal and financial issues, resulting in its insolvency in 2022.   Alex Mashinsky - Career Timeline   1996 – Co-founded Arbinet, revolutionizing VOIP technology. 2017 – Founded Celsius Network, a crypto lending and borrowing platform. 2018 – Launched Celsius token (CEL) to incentivize users. 2021 – Celsius reached $20B in assets under management. 2022 – Celsius filed for bankruptcy amid liquidity issues. 2023 – Faced legal challenges related to Celsius’s collapse.   Despite the controversies, Mashinsky continues to be a strong proponent of blockchain innovation and decentralization, often providing insights on financial liberty, cryptocurrency lending, and the future of decentralized finance (DeFi).   Useful Links To Connect With Alex Mashinsky   Platform Link X (formerly Twitter) www.twitter.com/mashinsky LinkedIn profile linkedin.com/in/mashinsky Celsius Network www.celsius.network Personal Website www.alexmashinsky.com     EntrepreneurChief Executive OfficerBoard Member resigned yesterday, September 27th, months after the firm filed for Chapter 11 bankruptcy protection. Though his resignation is with an immediate effect, Alex has claimed to assist the company in giving its creditors the best outcome.

Now, if FTX successfully manages to acquire Celsius, the exchange will see its foothold in the majority of crypto sectors. However, it’s still not known if Sam Bankman-Fried led companies which include FTX and Alameda Research are bidding to acquire all or only a few of Celsius’s assets.

CEL Price Surge 15%

Celsius’ network’s native currency CEL which had plunged nearly 7% after the news of Alex Mashinsky’s resignation was rumored around the space. However, now as the news of FTX bidding to acquire Celsius was announced, the CEL token price jumped nearly 15%. At the time of reporting, CEL is selling at $1.53 with a rise of 2.02% over the last 24hrs.

Along with a spree of acquisitions, FTX is also looking forward to relocating its headquarters from Chicago to Miami. Also, Zach Dexter is said to be appointed as a new president succeeding Brett Harrison.