Celsius Network, a crypto lender currently navigating bankruptcy proceedings, revealed its intention to begin reimbursing its customers before the years end. This disclosure was made during a hearing on October 2, where the approval of Celsius Networks reorganization plan was being discussed.
Per a Bloomberg report, the crypto lending platform intends to pivot towards becoming a user-owned Bitcoin mining operation, aptly named NewCo. The latter will receive $450 million in seed funding from a consortium called Fahrenheit LLC, primarily backed by Arrington Capital, to manage the mining business. The repayment plan involves returning a portion of the frozen funds to customers that have been locked on the platform since June 2022.
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Read the full article at: https://financefeeds.com/celsius-aims-to-start-customer-repayments-in-two-months/