CRYPTO LENDER CELSIUS HAS FINALLY FULLY PAID OFF THE LOAN IT TOOK WITH MAKERDAO!
Celsius Network LLC, the troubled crypto lending firm, made headlines after preventing its half-a-million users from withdrawing their funds. However, due to the crypto market crisis has now fully paid off its loan on MakerDAO.
Indeed, according to Defi Explore on-chain data, Celsius repaid the remaining $41.23 million of its Maker loan in the Maker protocol’s stablecoin DAI on July 7 in the Maker protocol stablecoin DAI, despite concerns about the company’s long-term viability due to liquidity constraints.
In response, Maker issued 21,962.63 wrapped Bitcoins (WBTC), currently worth around $459 million, as collateral for the loan, effectively erasing the platform’s debt on MakerDAO.
As previously stated in a blog post on June 13, Celsius halted all withdrawals and transfers between accounts on its platform due to “extreme market conditions.” User funds were still locked as of press time.
After, Finbold reported that the company had added more Bitcoin as collateral to lower the price at which its position was to be liquidated. The company faced bankruptcy if the price of Bitcoin fell below $16.852.
Celsius stated in early July that it was actively working on solutions to “preserve and protect assets,” such as pursuing strategic transactions and restructuring its liabilities, among other options.