Crypto Lending company Celsius hires restructuring attorneys to save the company from the market debacle

Celsius suffering in current market conditions.

Celsius is a crypto lending platform which facilitates the investors to earn, borrow, buy or swap digital assets. Celsius is considered to be the bank of the crypto sphere. All the services given by the company are for the enhancement of investment opportunities in the market. The main vision of the company is to build an economy, where financial freedom doesn’t come with a price tag. Their main objective is to disrupt the financial wall and provide financial freedom via crypto.

Since, the crypto market conditions have been pitiful from the past couple of months, Celsius is also under the pump, as it majorly deals with cryptocurrencies. Last week, Celsius went on to announce that it is withdrawing all the swaps, trades, and transfers between accounts owning to the current volatile market conditions.

Celsius exploring options to get back.

Celsius is primarily exploring a way out of this slump through possible financing via investors. Secondarily, Celsius is also planning to prepare alternative plans and methods to help the company fall back on track. One of the people familiar with Celsius said that, the company is looking to restructure its process in order to get up from this collapse.

Hiring Lawyers for restructuring.

The crypto lender went on to hire restructuring attorneys from a law firm called “Akin Gump Strauss and Feld LLP.” The lawyers are expected to help Celsius get out of the soup by proposing possible solutions which are viable and reduces the mounting financial problems of the company.

Law Makers also keenly observing the market place.

Law makers in the nation are keenly observing the market place and are seeing how the cryptocurrency platforms collapse in case of a bearish phenomenon. A dual-party group of senators proposed a law last week which aims at providing protection to the investors in the event of bankruptcy of crypto trading platforms. They are working towards the objective by proposing that the digital assets would be held separate in case of bankruptcy.

Writer’s Report.

It is certainly evident that Celsius is not a comfortable position in the market conditions prevalent today. Complex market conditions have influenced the company to take hard decisions such as freezing the accounts, hiring restructuring attorneys. These results of these decision can only be measured only when Celsius gets back onto its feet. As of May 17, the assets of Celsius was down by at least 50% to what it was in October last year, which proves the unforgiving volatility nature of the market.