Ripple wants to potentially buy some distressed assets of the the failed cryptocurrency lending company giant
San Francisco-based blockchain company Ripple Labs is interested in acquiring the distressed assets of the beleaguered cryptocurrency lender Celsius, Reuters reports.
It asked the court to be represented in the ongoing bankruptcy proceedings, filings indicate.
Ripple is actively looking for merger and acquisition opportunities in order to scale its operations, according to the company’s spokesperson.
As reported by U.Today, Celsius filed for Chapter 11 bankruptcy protection in mid-July after becoming one of the biggest casualties of the recent cryptocurrency crash.
Per the spokesperson, Ripple hasn’t made a concrete decision to acquire Celsius assets. For now, it is merely interested in learning whether or not these assets are “relevant” to its business, the report says.
Ripple has stressed that its business has continued growing “exponentially” even during the bear market.