History in the making: Goldman Sachs to buy Celsius for $2B 🤯; Revolut wants a piece of Europe’s booming BNPL market (it won’t be easy)🔥; Another crypto bridge hack & key ecosystem weakness 🔐
Good Morning FinTech, 27 June
Good day Everyone,
And happy Monday! After a super hot weekend, it’s time to refresh 🥃 So take a cup of your favorite cold drink since today we’re looking at the first time an investment bank is restructuring a crypto business as Goldman Sachs is rumored to buy Celsius (and why it’s a win-win strategy), Revolut seeking a piece of Europe’s BNPL pie (and why it won’t be easy), and another crypto bridge hack showing the key ecosystem weakness. Let’s jump straight into the exciting stuff:
History in the making: Goldman Sachs to buy Celsius for $2B 🤯
The news 🗞 Investment banking giant Goldman Sachs was reportedly approached by at least one institutional investor asking Goldman to advise and broker a potential deal for Celsius’ assets, a crypto platform that’s been fighting insolvency.
More on this 👉 GS is considering helping an investor raise approximately $2B to snap up distressed assets stuck in limbo from troubled digital asset lender Celsius, according to two sources familiar with the matter, Blockworks reported.
The deal — which one source said likely would happen via the investment bank’s asset management unit — could see investors purchase assets from Celsius at a discount, even if the lender does not declare bankruptcy.
This is history in the making as we have never seen an investment bank restructuring a crypto business. Here’s the takeaway on why GS is doing it & what it might mean: