Celsius plans to close its app within 90 days and allocate $2.03 billion in encrypted assets, PayPal has been selected to distribute BTC

Odaily Planet Daily News The bankrupt encrypted lending platform Celsius recently released a revised disclosure statement, revealing that it plans to shut down its application within 90 days. The move is part of a broader effort by the company to streamline operations, optimize distribution mechanisms and improve the overall user experience. In the statement, Celsius outlined its plans to provide cryptocurrency compensation to creditors. The company intends to distribute liquid cryptocurrencies including BTC and ETH to eligible creditors. Subject to potential price fluctuations, the distribution is expected to be approximately $2.03 billion. Meanwhile, the decision to shut down the Celsius app after 90 days was driven by a variety of factors, primarily the cost of keeping the platform open for extended periods of time to process withdrawals. In addition, Celsius chose to work with a third-party distribution agent in order to efficiently manage the process and identified PayPal as a potential agent for certain distributions to US individual creditors. For other distributions, Celsius is actively looking for other proxies. If no suitable agent can be found, Celsius will keep its platform open for 90 days from the effective date to facilitate distributions to specific creditors. (Coin Edition)