Cryptolending platform Celsius Network transferred 40,928 ETH (~$74.37 million) to institutional-oriented staking service Figment. A series of 14 transactions from May 10 to May 12 was recorded in Arkham Intelligence.
This is one of the firm’s largest transfers since filing for Chapter 11 bankruptcy in July 2022.
Placing funds in Figment will allow Celsius to generate income during the restructuring.
According to website service, the average reward from staking is 5.6% per annum.
The crypto lending platform launched a similar service in the past with $289.5 million under management.
“It’s interesting that they decided to bet on Figment instead of their own pool”— commented 21Shares analyst Tom Wang.
Celsius also owns ~$750 million worth of stETH from Lido Finance.
Recall that at the end of April 2023, an auction for the assets of the platform started. According to media reports, they are claimed by NovaWulf Digital Management, as well as the Gemini and Coinbase bitcoin exchanges.
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Cryptolending platform Celsius Network transferred 40,928 ETH (~$74.37 million) to institutional-oriented staking service Figment. A series of 14 transactions from May 10 to May 12 was recorded in Arkham Intelligence.
This is one of the firm’s largest transfers since filing for Chapter 11 bankruptcy in July 2022.
Placing funds in Figment will allow Celsius to generate income during the restructuring.
According to website service, the average reward from staking is 5.6% per annum.
The crypto lending platform launched a similar service in the past with $289.5 million under management.
“It’s interesting that they decided to bet on Figment instead of their own pool”— commented 21Shares analyst Tom Wang.
Celsius also owns ~$750 million worth of stETH from Lido Finance.
Recall that at the end of April 2023, an auction for the assets of the platform started. According to media reports, they are claimed by NovaWulf Digital Management, as well as the Gemini and Coinbase bitcoin exchanges.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!