Celsius Network Might Launch a Token to Repay Creditors

Celsius, a cryptocurrency lending platform that has recently filed for bankruptcy, is considering the possibility of issuing its own token to repay the company’s creditors, Bloomberg has reported citing a video court hearing.

According to the publication, Ross M. Kwasteniet, the attorney who represents Celsius, has said the company is in talks with its creditors to find a way to relaunch the platform and pay them back.

According to the attorney, the new version of Celsius would be “a publicly-traded company that is properly licensed,” which would supposedly provide more money to creditors than simply liquidating the company. If approved by creditors and the court, the reorganized company would “issue a new token to creditors as part of a payout plan.”

Celsius Network reportedly wants to become a public company and use third-party services to ensure compliance with US financial regulations