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Seeking Alpha 2022-06-26 12:36:44

Goldman Sachs said looking to raise $2B to buy Celsius Network assets - report

Goldman Sachs (NYSE:GS) is said to be looking to raise $2 billion from investors to purchase distressed assets from crypto lender Celsius Network. The potential purchase would allow Goldman to buy Celsius assets at a huge discount in the event of a bankruptcy filing, according to a Coindesk report. The bank is evaluating interest from Web3 crypto funds, funds focused on distressed assets and traditional financial institutions. The Coindesk item comes after the WSJ reported on Friday cryptocurrency lender Celsius Network has employed restructuring consultants from consulting firm Alvarez & Marsal in preparation for a possible bankruptcy filing. Celsius, which promises exceptionally high annual interest rates on crypto deposits to then create crypto loans, reached out to law firm Akin Gump Strauss Hauer & Feld LLP to advise on possible restructuring plans, the WSJ reported on June 14. In the wake of turbulent crypto market conditions, Celsius had suspended withdrawals, swaps, and transfers earlier

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