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Top Reason Why Goldman Sachs Is All Set To Acquire Celsius Network!

Written by: Qadir AK

June 25, 2022

The globe’s greatest financial firm, Goldman Sachs, has begun to consider acquiring assets from Celsius Network, a struggling crypto lending startup. As per publicly accessible data, Goldman Sachs is preparing a $2 billion monetary cash reserve for the investment.

If the sale drops ahead, it will most certainly be at a massively diminished cost, particularly if the business declares bankruptcy. This appears to be a possibility given that it recently acquired a new company to assist it in the bankruptcy case.

As per sources, Citigroup and Akin Gump urged Celsius to file for insolvency. Goldman Sachs has begun an industry-wide demand accumulation by finding potential buyers and obtaining significant agreements through them.

As shown in the reports, Goldman Sachs is already recruiting participants in Web3 crypto funds that focus on illiquid assets as well as conventional payment organizations.

A significant proportion of Celsius holdings will most probably be cryptocurrency, controlled by active traders. Prior to the crisis, Celsius has been one of the largest crypto creditors in the market, with roughly $12 market capitalization under control and 1.7 million customers.

As of the time of posting, Goldman Sachs has not issued a declaration regarding this situation. 

Insurance Company Show Keen Interest in Cryptocurrencies

According to a Goldman Sachs poll, insurance companies are responding to the concept of cryptocurrency. As per the poll, 6% of the 328 global chief administrators and chief financial officers have participated or are considering investing in cryptocurrency.

As per Mike Siegel, Goldman Sachs’ national head of insurance wealth management and liquidity, the study reflects present market sentiment. 

Mike Siegel quotes that they received replies from participants who had more than $13 trillion worth of assets. In reality, this is over 50% of the entire company’s investments. As a result, they believe the study is fairly indicative of the market sentiment.

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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