Celsius opens door to swap altcoins for bitcoin and ether

Quick Take

  • Celsius debtors said they may convert all altcoins — except in Withhold and Custody accounts – to bitcoin and ether.
  • The plan will not affect the claim amount for each creditor.

Celsius Network is opening the door to be able to swap altcoins into bitcoin and ether.

The debtors intend to, pending court approval, have the ability to swap all coins that aren't bitcoin and ether into those two cryptocurrencies, according to a filing on June 14. This would not affect tokens held in Withhold or Custody accounts, and the sales would start from July 1.

This conversion would not affect any creditor claims, the filing noted. The debtors would also try to maximize the currency conversion where possible.

The debtors noted that the overall plan will include paying out cryptocurrency to creditors in the form of bitcoin and ether, except for limited circumstances.

Updates on the token conversions will be included in the monthly Budget and Coin reports.

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