Crypto lending company Celsius is seeking permission to sell its stablecoin holdings.

Crypto lending company Celsius is seeking permission to sell its stablecoin holdings.

On July 26, 2019, Celsius Network filed for bankruptcy in the United States Bankruptcy Court for the Southern District of New York. The company is currently before the court, which is also hearing Three Arrows Capital's bankruptcy case.

If this motion is approved by presiding Judge Martin Glenn, the Chief U.S. bankruptcy judge, the proceedings of the sale would go to primarily pay for the operations of Celsius Network.

Subsection 1.3 While the proceeds generated by the sale of the stablecoins constitute property of the Debtors' estate, paying them back is part of a separate and ongoing process.

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Why is Celsius seeking permission to sell its stablecoin holdings?

The sale of the stablecoins would generate proceeds that would primarily be used to pay for the operations of Celsius Network.

Celsius is seeking permission to sell its stablecoin holdings in order to generate proceeds that would primarily be used to pay for the operations of Celsius Network. The company filed for bankruptcy in July, and is currently before the U.S. Bankruptcy Court for the Southern District of New York. If this motion is approved by presiding Judge Martin Glenn, the Chief U.S. bankruptcy judge, the proceedings of the sale would go to primarily pay for the operations of Celsius Network.

The proceeds generated by the sale of the stablecoins constitute property of the Debtors' estate, and paying them back is part of a separate and ongoing process.

While the proceeds generated by the sale of the stablecoins constitute property of the Debtors' estate, paying them back is part of a separate and ongoing process. The sale of the stablecoins would generate proceeds that would be used to pay back creditors as part of this process.

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