Celsius Network
American cryptocurrency company / From Wikipedia, the free encyclopedia
Celsius Network LLC was a cryptocurrency company. Headquartered in Hoboken, New Jersey, Celsius maintained offices in four countries and operated globally. Users could deposit a range of cryptocurrency digital assets, including Bitcoin and Ethereum, into a Celsius wallet to earn a percentage yield, and could take out loans by pledging their cryptocurrencies as security. As of May 2022, the company had lent out $8 billion to clients and had almost $12 billion in assets under management.[2]
Company type | Private |
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Industry | Finance, Cryptocurrency |
Founded | 2017; 7 years ago (2017) |
Founder |
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Headquarters | Hoboken, New Jersey, U.S. |
Key people | |
Products | Mobile app, website |
Number of employees | ~450 (July 2022)[1] |
Website | celsius |
In June 2022, the company gained notoriety when it indefinitely paused all transfers and withdrawals due to "extreme market conditions",[3] resulting in steep declines in the price of bitcoin and other cryptocurrencies.[4][5] On July 13, 2022, Celsius filed for Chapter 11 bankruptcy.[6] The company announced on January 31, 2024, that it had exited bankruptcy as part of a restructuring plan that involved the distribution of assets, including a newly-created bitcoin mining company, to its creditors.[7] Celsius intends to wind down its own operations as part of its emergence from bankruptcy.[8] It shut down its mobile and web apps on February 29, 2024.[9]