When Celsius launched back in 2017, many saw the company as one that had the potential to disrupt the industry with its crypto lending platform. Six years on, Celsius’ chapter in the crypto world seems to be ending, as recent developments will suggest.
App To Shut Down In 90 Days
The Celsius app will shut down within 90 days, according to the company’s revised disclosure statement in its ongoing bankruptcy proceedings. This comes as the company prepares for a new chapter that will see the company operate under a new entity, “NewCo,” which will be managed by Fahrenheit Group and owned by Celsius’ creditors.
As revealed in the statement, Celsius chose 90 days based on past experiences in enabling crypto withdrawals from the app “for custody and withhold account holders pursuant to the Custody and Withhold Settlements.” So users won’t be able to log in to the app or access their Celsius account upon the expiry of this…
