Figure Partners with NovaWulf to Provide Blockchain Technology Solutions for Proposed Celsius Reorganization

Celsius Network LLC, in consultation with the official unsecured creditors committee, announced that they have reached an agreement in principle with NovaWulf Digital Management, LP (NovaWulf) to sponsor a proposed plan of reorganization in partnership with Figure Technologies, Inc. (Figure) as its blockchain technology solution provider.

The proposed plan structure contemplates the transfer of Celsius’ illiquid assets, including staked ETH and Celsius’ loan portfolio, to a “NewCo” to be owned by certain of Celsius’ creditors and managed by NovaWulf. The NewCo is expected to be a public reporting company initially 100% owned by Celsius creditors, with its common equity provided in a tokenized form that will trade on an alternative trading system administered 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 $12B in transactions. As part of the plan, NovaWulf has partnered with Figure to provide secondary trading and loan servicing services.

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“We are excited 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 are both looking to do something transformational.”

Figure is transforming financial services through blockchain, bringing speed, efficiency, and savings to consumers and institutions.  Figure continues to unveil a series of blockchain firsts across the capital markets, investment management, and banking and payments sectors.  Figure leverages the Provenance Blockchain for loan origination, servicing, financing, as well as private company stock management, fund registry, blockchain marketplaces and payments.  The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion-dollar business under his leadership as CEO.

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