The world’s largest financial firm, Goldman Sachs, has begun considering acquiring assets from Celsius Network, a struggling crypto lending startup. According to publicly available data, Goldman Sachs is preparing a monetary cash reserve of $2 billion for the investment.
If the sale fails, it will most certainly be at a significantly reduced cost, especially if the business declares bankruptcy. This seems like a possibility given that she recently acquired a new company to help with the bankruptcy case.
According to the sources, Citigroup and Akin Gump urged Celsius to file for insolvency. Goldman Sachs began an industry-wide demand buildup by finding potential buyers and securing major deals through them.
As reports show, Goldman Sachs is already recruiting participants in Web3 crypto funds that focus on illiquid assets as well as conventional payment organizations.
A significant proportion of Celsius holdings will most likely be in cryptocurrency, controlled by active traders. Before the crisis, Celsius was one of the largest crypto lenders in the market, with a market capitalization of around $12 under control and 1.7 million customers.
At press time, Goldman Sachs has not issued a statement regarding this situation.
Insurance company shows strong interest in cryptocurrencies
According to a Goldman Sachs survey, insurance companies are reacting to the concept of cryptocurrency. According to the survey, 6% of 328 global chief executives and CFOs have participated in or plan to invest in cryptocurrency.
According to Mike Siegel, national head of insurance wealth and liquidity management at Goldman Sachs, the study reflects current market sentiment.
Mike Siegel cites that they received responses from participants who had over $13 trillion in assets. In fact, this represents more than 50% of the investments of the entire company. As a result, they believe the study is quite indicative of market sentiment.