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Banking Giant Goldman Sachs Attracts $2B to Buy Celsius Network Assets

ByLouis Adams

Jun 27, 2022 #Banks
Reading time: < 1 minute

Financial conglomerate Goldman Sachs intends to raise $2 billion from investors to buy the assets of the crypto lending platform Celsius Network in the event of its bankruptcy, CoinDesk has reported.

According to the publication, the deal will allow investors to purchase Celsius assets at a deep discount in the event that the platform declares its insolvency.

The bank is reportedly in talks with cryptocurrency funds, structures focused on the purchase of distressed capital and traditional financial companies. The assets acquired under the potential agreement “will be managed by the participants in the fundraiser.”

As of May, Celsius had nearly $12 billion in assets under management and issued loans totaling $8.2 billion to clients.