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Celsius Network Repaid BTC Loan in Full

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Celsius Network has fully repaid its BTC loan with the Maker Protocol. With that, the company gained an important breath in the task of reestablishing its activities.

The last payment before today’s payment was on July 5, when the company paid $40.8 million. The payment lowered the settlement price from $2,722.27 to an absolute value of $0.00.

As CriptoFácil reported, Celsius Network stopped its activities, including trading, withdrawals and deposits, in June. It has been more than 24 days since the platform blocked access to funds for its users.

Now, the payment of the $41.2 million against its BTC loan today has settled the debt the company owed to Maker. In this way, the company released a guarantee of US$ 453 million.

Celsius repaid BTC loan

Data from Defi explorer shows that the US$ 41.2 million was paid in DAI. DAI is the Maker Protocol stablecoin.

As a result, Maker released 21,962 WBTC to Celsius, which was given as collateral for the loan. The launched WBTC is worth around $453 million at the time of writing, with the WBTC trading at $20,636.24.

With the fund released, it can be used to stabilize the financially distressed lending platform.

Even with the cryptocurrency market down, Celsius is managing to re-establish itself.

Now that the company has regained its Maker guarantee, users are waiting for the platform to resume activities, which could signal a pick-up in the cryptocurrency market. After all, the troubles at Celsius helped with the crash in BTC.

That is, a recovery in Celsius could help bring credibility back to the crypto market.

The end to ‘BTC tourism’ thanks to cryptocurrency decline

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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