Figur partners with NovaWulf to provide blockchain technology solutions for proposed Celsius reorganization
Partnership aims to address creditors’ claims and build on the significant business opportunities at stake in this case
SAN FRANCISCO, 16 February 2023 /PRNewswire/ –Celsius Network LLC (“Celsius”), in consultation with the Official Unsecured Creditors Committee (“Committee”), announced that it has reached an agreement in principle with NovaWulf Digital Management, LP (“NovaWulf”) to sponsor a proposed plan for reorganization in partnership with Figure Technologies, Inc. (“Figure”) as a provider of blockchain technology solutions.
The proposed plan structure contemplates the transfer of Celsius’ illiquid assets, including stakes ETH and Celsius’ loan portfolio, to a “NewCo” to be owned by some of Celsius’ creditors and managed by NovaWulf. NewCo is expected to be a public reporting company initially 100% owned by Celsius creditors, with its common equity issued in a tokenized form that will trade on an alternative trading system managed by Figure Securities, Inc., an SEC-registered broker-dealer, built on Provenance Blockchain. Provenance Blockchain is purpose-built for financial services, and has supported more than 12 billion dollars in transactions. As part of the plan, NovaWulf has partnered with Figure to provide secondary trading and lending services.
“We are pleased to partner with NovaWulf to provide the technology infrastructure needed for this reorganization,” said Mike Cagney, CEO and co-founder of Figure. “Our companies are very complementary and we both want to do something transformative.”
Figure has announced a number of partnerships over the past year, including asset managers, Apollo, Hamilton Laneand lenders Movement Pledge, Guaranteed price, Synergy One and Homebridge.
About figure
Figure is transforming financial services through blockchain, bringing speed, efficiency and savings to consumers and institutions. Figure continues to unveil a range of blockchain innovations across the capital markets, investment management and banking and payments sectors. Figure utilizes the originating blockchain for loan origination, servicing, financing, as well as share management in private companies, fund registers, blockchain marketplaces and payments. The company was founded in 2018 by a serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion dollar enterprise under his leadership as CEO. To learn more, visit www.figure.com.
Press contact: [email protected]
SOURCE Figure
