“We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,” the company says.
Celsius was valued at U.S. $3.25 billion when it recently extended its ‘oversubscribed’ Series B financing round.
The platform gives users the chance to deposit major cryptos like Bitcoin, Ethereum and Tether in exchange for weekly interest payments.
It offers as much as 18 per cent interest in a year, and is reportedly home to 1.7 million people.
“We are working with a singular focus: to protect and preserve assets to meet our obligations to customers. Our ultimate objective is stabilizing liquidity and restoring withdrawals, Swap, and transfers between accounts as quickly as possible.”
CELSIUS NETWORK
Elsewhere, Bitcoin has plunged to a new low amid a horror 72 hours for the crypto.
The coin briefly dipped to U.S. $24,900, which is its lowest fall in 18 months.
