Celsius Closes Debt: Gets $410M Tokens

Celsius, which has been experiencing financial difficulties for a while, bought back its $410 million token from decentralized finance platform Aave.

Celsius, one of the lending platforms, join the platform to borrow from Aave. stETH of 410 million dollars had laid.

The company, which owes approximately $90 million to Aave, 81.6 million dollars USDC, he both closed most of his debt and got his collateral back.

stETH, which operates as a derivative of Ether (ETH), is designed so that each stETH in circulation is equivalent to one ETH locked in the proof-of-stake network. However, as a result of this equivalence being lost, stETH can now be traded slightly cheaper than ETH.

Celsius, after the drop in the cryptocurrency market, stopped withdrawals and laid off about 150 of its employees.

Celsius, on the one hand restructuring While reviewing its options, it continues to pay off its debts.

Last week, the company paid off its $228 million debt to Maker and repurchased $440 million in Wrapped Bitcoin (WBTC) collateral.

The company currently owes DeFi platforms approximately $59 million, of which $8.5 million is to Aave and $50 million to Compound. If Celsius pays off these debts, it can take back the $227 million in assets left as collateral on these platforms.

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