The Celsius Network has announced its plans to simplify converting all cryptocurrencies into Bitcoin and Ethereum, starting from July 1, 2023.
The network aims to enhance accessibility to these prominent cryptocurrencies by allowing the conversion of alternative cryptocurrencies. A court document filed on June 14 revealed this information.
However, it is essential to note that tokens backed by Withhold or Custody accounts are not included in this conversion. The network plans to initiate the conversion process on July 1 and persist until completing it.
According to the court records, this decision to convert altcoins into Bitcoin and Ethereum will not hurt existing creditor claims. The Debtors have committed to maximizing the value of this currency exchange and, whenever feasible, maximize their financial gains.
Furthermore, the Debtors have declared that they will make the majority of the final payment to creditors in Bitcoin and ethereum. This will be done except in certain circumstances where permitted.
These choices align with the Debtors’ broader strategic plan. To keep interested parties informed, the Celsius Network has pledged to include updates about the token conversion in its monthly Budget and Coin reports. These updates will ensure that the network’s participants and stakeholders can check the conversions .
