BnkToTheFuture, a lead investor in beleaguered cryptocurrency lending platform Celsius, has put forth three proposals to save the company from going under.
What Happened: On Friday, CEO of BkToTheFuture Simon Dixon shared the Depositor's First Celsius Recovery Plan in a post on Twitter.
“Bnk To The Future Capital SPC holds over 5% of Celsius shares and therefore we believe that this allows us to call a shareholder meeting as part of our statutory shareholder rights that legally cannot be ignored by the Celsius board,” said Dixon.
In one of the recovery proposals, the firm suggested that a pool of the most influential Bitcoin BTC/USD whales co-invest with the community.
“We completed a similar disaster recovery offering for Bitfinex in 2016,” said BnkToTheFuture.
The firm also proposed a restructuring to relaunch Celsius and allow depositors to benefit from any recovery through financial engineering. The third proposal involves an operational plan to create a new entity to make depositors whole.
See Also: IS CELSIUS TOKEN DEAD?
Earlier today, Celsius said it was exploring all the options available to stabilize liquidity and operations. The company said it was “working with experts” from different fields in these “exhaustive explorations.”
Users have been unable to withdraw tokens from Celsius after June 13 when the platform halted all withdrawals over liquidity concerns. Celsius’ native token CEL CEL/USD plunged 60% over the last two weeks and was trading at $0.62 at press time.
Photo via mundissima on Shutterstock
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.