The potential successor to the defunct cryptocurrency lender, Celsius (CRYPTO: CEL) revealed its intentions to restart the business without any funded debt and with an initial funding of up to $450 million in cryptocurrency, contingent upon court approval.
This information was disclosed in a recent document submission before a confirmation session scheduled for Monday, The Block reported.
In a recent bankruptcy hearing in New York, the entity, temporarily named NewCo, announced its aim to commence reimbursement to clients with assets locked following the downfall of Celsius in June 2022.
As reported by Bloomberg, this move was seen as the "most favorable recovery" strategy for the affected clients.
The development comes as the Crypto industry anticipates the discussions at Benzinga's Future of Digital Assets conference on Nov. 14, which is expected to shed light on the evolving landscape of digital currencies and related businesses.
The investment group Fahrenheit would oversee NewCo's operations.
Additionally, Fahrenheit pledged an investment of up to ...