Celsius App to Shut Down in 90 Days: NewCo Emerges

Celsius App to Shut Down in 90 Days

Celsius, the crypto lending platform, has announced that its app will be shutting down within 90 days. The company will then operate under a new entity called “NewCo” which will be managed by Fahrenheit Group and owned by creditors. Users will no longer be able to access their Celsius account or log into the app after the 90-day withdrawal window expires.

Key Points:

– Celsius app will shut down in 90 days, as stated in the company’s revised disclosure statement.
– The app will be replaced by a new entity called “NewCo” managed by Fahrenheit Group and owned by creditors.
– Repayment plans have been outlined for creditors, including those who earned rewards on digital assets.
– Celsius plans to distribute at least $2.03 billion of cryptocurrency to creditors, subject to price fluctuations.
– Paypal has been identified as a potential distribution agent for US creditors.

Celsius New Entity “NewCo”

As part of the restructuring, Celsius will transition to a new crypto company called “NewCo.” This entity will be regulated by the SEC to ensure transparency. The company plans to list NewCo’s stock on NASDAQ to maximize profits for owners and tap into the capital market in the future. NewCo’s operations will focus on mining and staking, with US Data Mining Group and Proof Group Capital Management handling these operations respectively.

Key Points:

– Celsius will transition to a new company called “NewCo” managed by Fahrenheit Group and owned by customers.
– NewCo will be regulated by the SEC and plans to list its stock on NASDAQ.
– The company’s operations will focus on mining and staking, with external partners managing these activities.

Hot Take:

The shutdown of the Celsius app and the transition to “NewCo” mark a significant change for the company. While users may be disappointed by the app’s closure, the repayment plans for creditors and the focus on transparency through SEC regulation show Celsius’ commitment to its stakeholders. The transition to a new crypto company also indicates the company’s adaptability in a constantly evolving industry.