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Cryptocurrency

13 Jun 2022

Major Crypto Lender in U.S. Celsius, froze withdrawals due to Extreme Market

The Index Today

On Monday, Major U.S. cryptocurrency lending company Celsius Network froze withdrawals because of "extreme market conditions," amid the latest sign of pressure on the sector from tumbling crypto markets.

In a blog post, the company said it had frozen withdrawals, as well as transfers between accounts, "to stabilise liquidity and operations while we take steps to preserve and protect assets."

"We are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations," the company added in a blog post.

Celsius Network offers interest-bearing products to customers who deposit their cryptocurrencies with the company, and lends out crypto currencies to earn a return.

The company raised $750 million in funding late in November from investors, including Canada's second-largest pension fund. The company was valued at the time at $3.25 billion.

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