The market is picking itself back up as bitcoin holds above $20,000. In other news, Celsius continues to struggle as Goldman seeks to buy its assets, while Eminem and Snoop Dogg raise the profile of Bored Apes through a music video.
- Celsius Network is hiring restructuring consultants as bankruptcy may be on the horizon.
- Goldman Sachs is aiming to raise $2 billion to buy Celsius’ assets if the latter goes bankrupt.
- A former U.K. Chancellor of the Exchequer said that the U.K. must focus on crypto adoption in the months to come.
- Cristiano Ronaldo and Binance have formed a partnership focusing on web3 and NFTs.
- Eminem and Snoop Dogg have released a music video in which they feature as Bored Apes.
This Week in Crypto
Celsius Network Hiring Advisers As Bankruptcy Looms
The Wall Street Journal reported on June 24 that the beleaguered Celsius Network is hiring restructuring consultants from advisory firm Alvarez & Marsal as it deals with the looming threat of bankruptcy. Celsius had already hired lawyers before to help with financial structuring.
Celsius Network was hit hard by the recent market crash, and several developments have taken place in recent weeks, making it the talk of the town. A lead investor in the firm has proposed a recovery plan for the network, but it looks like that may not be taking place.
Goldman Sachs Seeking To Buy Celsius Assets
Meanwhile, several other parties are preparing to buy Celsius assets if bankruptcy does end up happening. Among them is Goldman Sachs, which may raise as much as $2 billion to buy up Celsius’ assets. This would be an opportunity for the investment bank to buy the assets at a discounted price.
Goldman Sachs “appears to be gauging interest and soliciting commitments from web3 crypto funds, funds specialising in distressed assets and traditional financial institutions with ample cash on hand.”
Former UK Minister Says Country Could Fall Behind in Crypto Adoption
Philip Hammond, a former Chancellor of the Exchequer, has said the United Kingdom could fall behind in terms of crypto adoption. Hammond said that the region must begin taking action in the months to come and that it “wasn’t too late for us to catch up and recover, but we are getting very close to the point where it will be too late.”
He believes that the U.K. is lagging behind the EU in terms of regulating fintech and that a proper set of rules could allow the industry to thrive. The U.K. is considering regulation, with more recent months seeing guidelines on various aspects of the market.
Cristiano Ronaldo and Binance Establish Partnership
Football legend Cristiano Ronald and Binance have established a partnership that is a multi-year, exclusive deal focused on NFTs. The plan is to offer experience through web3 technology.
The partnership will see the release of NFT collections, with the first being launched later in 2022. Exclusive experiences are also on the cards. The partnership will primarily target fans of the famed footballer, though it will no doubt attract several others.
Eminem and Snoop Dogg Become BAYC Apes for Music Video
Rap legends Eminem and Snoop Dogg have released a music video — in which they feature as Bored APes. The song, titled “From The D 2 The LBC”, showcases the two artists as animated apes, and it was produced in collaboration with BAYC.
Both artists have been known for their interest in the NFT space, and they are both highly involved in the space. Eminem holds multiple NFTs, while Snoop Dogg is featured prominently in The Sandbox metaverse.