Crypto Lender Celsius Unstakes $470M in Ethereum for Web 3.0 Projects

Celsius Recalls and Rebalances Crypto Assets

Celsius, a crypto lending platform that has been undergoing bankruptcy proceedings since July 2022, has confirmed that it has started recalling and rebalancing its crypto assets, including Ether (ETH), in order to ensure ample liquidity for any asset distributions. This includes unstaking its existing Ether holdings, which have provided staking rewards income to the estate.

The released Ethereum will be used to offset certain costs associated with the restructuring process and to unlock ETH for timely distributions to creditors. Additionally, the company is looking into web 3.0 blockchain projects 2021 and beyond, as well as web 3.0 real estate and web 3.0 passive income opportunities, to maximize its marketing strategy and stay up-to-date with the latest web 3.0 launch date.

Web 3.0 and Celsius’ Recovery Plan

The news of Celsius’ recovery plan is welcomed by customers who have been waiting for their funds for at least 18 months. According to the plan, creditors will receive BTC and/or ETH.

Nansen, a blockchain analytics firm, reported that almost a third of the ETH in the pending withdrawal queue belongs to Celsius, amounting to 206,300 ETH valued at approximately $468.5 million. It also revealed that 19,906 validators are awaiting a full exit and that Celsius has already withdrawn 40,249 ETH.

While some fear that the move could lead to an Ether “dump” on the markets, others suggest that it could be beneficial for Ethereum markets in the long run. This is especially true since web 3.0 blockchain projects 2021, 2022 and beyond are being launched and the potential for web 3.0 real estate and passive income is being explored as part of web 3.0 marketing strategies.

In 2022, the crypto contagion caused Celsius to become one of many crypto lenders that went bankrupt. In response, the firm declared a diminished post-bankruptcy plan which was centered on Bitcoin mining. Nevertheless, the judge overseeing the company’s bankruptcy proceedings expressed dissatisfaction with the sudden transition.

As web 3.0 blockchain projects 2021 and web 3.0 real estate gain traction, the launch date of web 3.0 is drawing closer. Web 3.0 presents the potential for passive income and has caused many to inquire if blockchain is web 3.0. As the date for web 3.0 draws near, companies have been developing web 3.0 marketing strategies, though it remains unclear if web 3.0 has started.