Crypto lender Celsius Network scales back post-bankruptcy plans to focus on bitcoin mining
Crypto lender Celsius Network has scaled back its post-bankruptcy plans to focus solely on bitcoin mining, after receiving feedback from the US Securities Exchange Commission (SEC) regarding its other planned business lines. The company had previously intended to earn "staking" fees by validating blockchain transactions and managing its legacy portfolio of cryptocurrency loans. Celsius said it now plans to hold back certain assets that would have been transferred to the new company, and instead liquidate them as part of the wind-down of its bankruptcy. The pivot has led to further negotiations with Fahrenheit, a consortium of bidders selected to lead the reorganised company.
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