Celsius (CEL) Still Overheating – Dirty Times For Cryptos

Expectations – Celsius keeps in touch with its users, while the cryptocurrency lending platform currently has no nothing substantial to give to satisfy them. The company is engaged above all, in reality, in the classic exercise of communication in times of crisis.

Celsius speaks out after a week of silence

Celsius’ press release of June 20, 2022 regarding the situation of the platform has only one merit: it informs its users that they will still have to take their troubles patientlyfor some time yet.

Celsius has indeed started by reversing the suspension of withdrawals, exchanges and transfers on its platform. The latter would only take its measures to stabilize liquidity and business operations.

But after having served this smooth speech to its users without surprises, Celsius then placed on the table, the main course with a very bitter taste:

“This process will take time”

The rest of the press release aims, still without surprises, to reassure users of the platform:

  • the company continues to work with regulators and officials” on this suspension;
  • it is, of course, determined to find a solution to the current crisis;
  • society focuses on these major issues. She would have suspended for this reason, her activities on Twitter and her AMA – for Ask me anything.

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Looking for a Helping Hand: Crypto Solidarity Put to the Test

How will Celsius be able to concretely unblock the current situation? Its investors who participated in previous fundraisings, now seem to want to stay on the sidelines. The platform cannot therefore hope for a financial windfall on this side.

The company certainly does not sit back in the face of the current situation. For example, she called on the expertise of banking giant Citigroup to help. But will the options offered by the bank actually get Celsius out of the ravine?

All is not black though! Celsius could benefit from an outstretched hand by another crypto player – this is a theoretical assumption.

After all, BlockFi was so lucky. He has also suffered the brunt of the consequences of the bear market. But FTX, however, would have come to the rescue of this centralized lending platform.

The scholarship of Sam Bankman-Fried would have granted him in this context a $250 million credit facility.

Celsius to started a restructuring which may or may not make the platform even stronger after the crisis. While waiting for concrete results, the company must communicate, because it would cause even more concerns by burying itself in silence.

It seems that “patience softens all evil without remedy”. Hopefully it will be rewarded for Celsius users. Waiting register now on FTX, the benchmark crypto exchange platform. You will benefit from a lifetime discount on your trading fees (affiliate link, see conditions on official website).

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