FTX Founder: We'll Pay a Fair Price for Celsius' Assets
The FTX founder said that the company paid a fair price for Voyager's assets and would look to do the same in a deal for Celsius' assets.
FTX founder and CEO Sam Bankman-Fried has shared details on how his firm would approach a buy-up of Celsius’ tassets. Bankman-Fried said that FTX would be willing to buy up all of Celsius’ tassets at a price of $2.5 billion.
It's no secret that FTX US has been on a buying spree lately, snapping up assets from bankrupt crypto lender Voyager Digital for $1.3 billion last week and reportedly considering a bid for Celsius' assets as well. Some industry commentators are beginning to wonder if FTX US is becoming too powerful, with some even going so far as to call it a 'crypto monopoly.' Only time will tell whether FTX US can continue its aggressive expansion without running into regulatory trouble.
I think that FTX's bid for Celsius' assets is fair and reasonable. I believe that the market will ultimately determine the price, and FTX is simply making a fair offer. I think this is a good move for FTX, and I believe that they will be successful in acquiring Celsius' assets.
You up for discussing a plan to make up the difference with equity? I have some ideas that will make the community very happy with the deal? DM me. This has really impacted many people lives.— Simon Dixon (Beware Impersonators) (@SimonDixonTwitt) October 2, 2022
Bankman-Fried's company is focused on helping customers, not on making a profit. The company's goal is to help people recover from financial difficulties, not to buy assets at a low price. Bankman-Fried is committed to helping people get their lives back on track.
“[The] goal isn't to make money buying assets at cents on the dollar, it's to pay $1 on the $1 and get the $1 back to customers. If we were to get involved in Celsius, it would be the same.”
It is great news that FTX has secured the winning bid for the assets of Voyager Digital. This is a huge coup for the company, and it will no doubt help them to further establish themselves as a leading player in the cryptocurrency space. The deal is reportedly valued at $1.4 billion, which is a fair price for the assets involved.
It is unclear what will happen to Voyager customers and their crypto holdings after the company files for Chapter 11 bankruptcy. The platform only mentions that the FTX US platform will be available for customers to trade and store cryptocurrency. It is uncertain if customers will be able to access their funds or if they will be subject to any loss.
With Celsius in such dire straits, it's hard to know what will happen to its customers. Some are hopeful that the firm will be able to auction off its assets and repay them in Celsius tokens, but it's also possible that other plans could be floated. Whatever happens, it's clear that those who have deposited their money with Celsius are in for a long and uncertain wait.
It remains to be seen how the Celsius bankruptcy proceedings will play out, but an examination is underway to determine the financial state of the company. This will have a significant impact on the future of the company and its ability to continue operating.
It is clear that there are serious concerns about Celsius selling off its stablecoin holdings. The Department of Justice has objected to the firm's motion to open up withdrawals to certain customers until the examiner report is complete. Multiple regulators have also submitted objections to the sale. This raises serious questions about the safety and security of the stablecoin. It is important that Celsius addresses these concerns promptly and transparently to maintain confidence in the currency.