The controversial Celsius Network appoints global bank Citigroup to advise on possible financial options because allegedly Celsius is facing bankruptcy concerns.
According to a Bloomberg report, Celsius network has hired Citigroup in “an advisor capacity.”
“It’s not like Citi is going to give Celsius money out of their balance sheet,” said one of the people familiar with this collaboration of Celsius with Citigroup.
So basically this just means Citigroup will just be providing advise to Celsius, but not any financial backing.
According to an insider, Citigroup is also advising Celsius on proposals from competitors such as Nexo. Recently, Nexo offered to buy out any remaining qualifying assets from Celsius.
Citigroup and Celsius are apparently not strangers to each other. Celsius’s mining subsidiary’s business and initial public offering (IPO) preparations were also advised by the banking behemoth.
Also Read: How Celsius crashed Crypto Market?
The network is trying to discuss with as many experts as possible to mend the issues they are facing right now. Yesterday, reports came in saying Celsius hired lawyers to advise on financial issues.
All this is in reaction to Celsius Network pausing withdrawals, swaps, and transfers between accounts which in turn crashed the crypto market, that was already in a turbulent phase. The network still hasn’t given a detailed report on what is actually going on with the company.
“Celsius Network is working around the clock for our community,” the company tweeted assuring the users to stay patient while they figure out the complications.
