Celsius Network's $215M Altcoin-to-BTCÐ Conversion Begins in July

Celsius Network’s $215M Altcoin-to-BTCÐ Conversion Begins in July

Time Stamp: June 17, 2023 11:26 AM
Source Node: 2137323
  1. Celsius Network plans to convert all altcoins into Bitcoin and Ethereum, beginning on July 1, 2023.
  2. The conversion, which will not affect tokens secured in Withhold or Custody accounts, aims to optimize value.
  3. The Network will provide regular updates on the conversion process in its monthly Budget and Coin reports.

In a landmark move, Celsius Network, a former crypto lending platform, is set to convert its entire altcoin holdings into Bitcoin and Ethereum, starting July 1, 2023. The decision, part of an updated reorganization plan filed in the Southern District Court of New York, aims to maximize the value of these digital assets.

The conversion process, which will not apply to tokens secured in Withhold or Custody accounts, symbolizes a significant shift in the crypto landscape, demonstrating a growing preference for major cryptocurrencies like Bitcoin and Ethereum.

Despite the company’s ongoing bankruptcy proceedings, the decision to convert altcoins is part of a broader strategic plan. As outlined in court documents, the conversion will not negatively impact any pending creditor claims. 

In fact, debtors have committed to optimizing the value of this currency conversion, aiming to maximize financial advantages wherever possible. Interestingly, the payout to creditors will be primarily in the form of Bitcoin and Ethereum, barring some exceptions under specific circumstances.

Transparency remains a priority for Celsius Network throughout this process. To keep network members and stakeholders informed, Celsius Network has pledged to provide regular updates on the conversion process in its monthly Budget and Coin reports.

Looking ahead, the decision by Celsius Network could have far-reaching implications for the crypto world. By focusing on Bitcoin and Ethereum, the company is placing its faith in the stability and growth potential of these major cryptocurrencies. 

This bold move could potentially influence other digital currency platforms to follow suit, thereby reinforcing the dominance of Bitcoin and Ethereum in the crypto market.

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Antonella is a cryptocurrency and news writer who travels the world, finding inspiration in diverse cultures. She cherishes moments sitting on the beach, watching sunsets. Through her writing, Antonella explores the dynamic realm of cryptocurrency and delivers insightful news. Her work encapsulates both the excitement of finance and the serenity of nature’s beauty.

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