Celsius Hires Citigroup to Help the Startup Find 'Potential Financing'

According to “two people familiar with the matter,” the cryptocurrency lending company Celsius is working with the financial giant Citigroup in order to get advice on how to handle the firm’s financial hardship. The sources note that Citigroup was hired by Celsius to help the company find “potential financing.”

According to The Wall Street Journal, Citigroup is one of several firms that have been approached by Celsius in recent days. It is believed that these firms are looking for ways to provide loans or other forms of funding for the company, which has been facing difficulties since it stopped accepting new clients amid a global crackdown on cryptocurrencies and ICOs (initial coin offerings).

Celsius is reportedly seeking more than $1 billion in new financing from investors after it ran out of funds earlier this month due to adverse market conditions and regulatory concerns. The startup was founded in 2017 by former PayPal executives and claims it will be able to lend $2 trillion worth of digital currencies over time if its platform is successful.