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•Celsius paid down the remaining $41 million of its debt on the DeFi platform
Celsius Network fully paid off a loan on Maker, one of the largest decentralized finance (DeFi) platforms in the crypto universe. The crypto exchange reclaimed $440 million of collateral on Thursday after paying off the loan.
CoinDesk reported that a wallet linked to Celsius repaid the remaining $41.2 million of the loan in DAI, the Maker protocol's stablecoin prompting the Maker protocol to release 21,962 wrapped bitcoins (WBTC), a bitcoin equivalent token of the Ethereum blockchain, which was pledged as collateral of the loan.
Since WBTC was recently trading at about $20,400, the value of the collateral reworks out to about $448 million.
Four weeks ago, Celsius Network implemented a pause on withdrawals, swaps, and transfers between accounts, citing “extreme market conditions.” Since the start of July, the company has taken proactive measures to prevent bankruptcy. This includes cutting 150 staff members and a series of significant loan repayments to reduce its liquidation risk.
Source - CoinDesk, Celsius Network
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