:Cryptocurrency lending firm Celsius Network will pause withdrawals and transfers between accounts due to"extreme market conditions", the company said on Monday, in the latest sign of pressure in the crypto industry.
"We are taking this necessary action ... in order to stabilize liquidity and operations while we take steps to preserve and protect assets," the company said https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6 in a blog post. Celsius Network, which raised $750 million in funding late last year, is a significant player in crypto lending. It offers interest-bearing products to customers who deposit their cryptocurrencies with the company, and lends out crypto currencies to earn a return.
It said https://www.prnewswire.com/news-releases/celsius-network-assets-are-officially-over-20-billion-301361803.html in August last year that it had more than $20 billion in assets.
Source: News Formal (newsformal.com)
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