In a blog post, the Celsius says it is working to meet its withdrawal obligations and is considering ‘various options’
Celsius Network, which touted itself as the “world’s leading crypto earning and lending platform,” is freezing all withdrawals and transfers between its 1.7 million customers, as digital assets and tokens have sunk to their lowest levels in years.
“We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets,” Celsius said. “Our ultimate objective is stabilizing liquidity and restoring withdrawals, Swap, and transfers between accounts as quickly as possible.”
The Caisse’s investment, in partnership with equity firm WestCap, placed a total value of US$3-billion for Celsius, which was founded in 2017. Other investors for Celsius include Tether International, an issuer for tether, the most prominent stablecoin cryptocurrency pegged to and backed by the U.S. dollar.
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