Celsius Provides Progress Update on Withdrawal Process and Mining Business

03/09/2023 05:04 • AI & Tech Insights • 68 views

as report goes, Celsius said on Twitter: “Today, Celsius provided the court with a brief update of our withdrawal process for some eligible users and our mining business. Since the re-opening of withdrawals for some eligible escrow account users on March 2, Celsius has processed approximately $21.2 million of completed and pending withdrawals. Due to the rise in the price of Bitcoin, we have also increased the gross profit rate and increased the number of mining machines deployed since January. Today The court approved our motion to extend the franchise to the end of March. We will continue to work closely with all stakeholders and NovaWulf to complete the rest of our plan. “

Since March 2, Celsius has processed approximately $21.2 million of withdrawals from custody accounts

Analysis based on this information:

Celsius, the UK-based cryptocurrency lending platform, recently provided an update on its withdrawal process for eligible users and the progress of its mining business. In a tweet, the company announced that it had processed approximately $21.2 million in completed and pending withdrawals since the reopening of withdrawals for some eligible escrow account users on March 2. This suggests that the company is making steady progress in addressing the issues that had led to the suspension of withdrawals for some users earlier this year.

Celsius also revealed that it had increased its gross profit rate and deployed more mining machines since January. This is likely due to the recent surge in the price of Bitcoin and other cryptocurrencies, which has led to increased demand for mining and lending services. This is a positive development for Celsius, as it indicates that the company is able to capitalize on market trends and generate more revenue as a result.

The company also announced that it had received approval from the court to extend its franchise to the end of March. This is an important milestone for Celsius, as it shows that the company is taking the necessary steps to comply with regulatory requirements and ensure that its operations are functioning properly. It also suggests that the company is working closely with all stakeholders, including NovaWulf, to complete its plan of action and address any outstanding issues.

Overall, Celsius’s update on its withdrawal process and mining business is a positive sign for the company and its investors. By increasing its gross profit rate and deploying more mining machines, Celsius is able to capitalize on market trends and generate more revenue. And by securing a franchise extension from the court, the company is further demonstrating its commitment to compliance and responsible business practices. As long as Celsius continues to make progress in these areas, it is likely that its future prospects will remain strong.

In summary, the message from Celsius provides an insight into the company’s recent progress in its withdrawal process and mining business. The increase in gross profit rate and the deployment of more mining machines are positive developments that suggest the company is well-positioned to capitalize on market trends. And the approval of the franchise extension indicates that Celsius is taking regulatory compliance seriously and working to address any outstanding issues.

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Celsius Provides Progress Update on Withdrawal Process and Mining Business

Since March 2, Celsius has processed approximately $21.2 million of withdrawals from custody accounts

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