Celsius Trying To Climb Out Of The Cold?
0x162F
September 22nd, 2022

A recently leaked recording of Celsius' leadership call is shining some light into how they might get into the good graces of their customers again.  A proposal for paying back customers might include giving wrapped assets that can be traded on other platforms.  Here is the general breakdown:1) Celsius' remaining funds would be allocated into certain wallets 2) Then issue Celsius-wrapped tokens, known as Cx tokens, to represent the ratio of how much the firm owes to how much it has on hand. Ex. Customers waiting to redeem their bitcoin will receive CxBTC or CxETH tokens.The other option is to decline the wrapped token, and wait for a larger payout when additional revenue is realized.  As markets go up, any assets held by Celsius will go up as well.

I find this to be an interesting idea, but will depend on the market demand for Celsius-wrapped tokens.  If Celsius is able to clear all Chapter 11 hurdles, they might end up being bullish and the wrapped tokens might increase in value as well.  Even waiting for the larger payout could be great too.  As long as Celsius has a plan to pay back their loyal customers, unlike some of the other disgraced DeFi lenders in the last 6 or so months, then I guess all we can do is just hope it comes to fruition some day.

Written by: nikethereum.eth / Medium / Mirror

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