In March 2020, online lender Celsius announced a proposed reorganization that would result in the creation of a new public company. The proposed reorganization is part of a strategic partnership with blockchain investment firm NovaWulf. Under the proposed reorganization, NovaWulf would invest $50 million in Celsius in exchange for a 20% stake in the new company. The new company would be focused on blockchain technology and the development of new financial products. The partnership between Celsius and NovaWulf is an effort to tap into the growing blockchain market. Celsius plans to use NovaWulf’s expertise in blockchain to develop new products and services that can be used by the lending industry. The proposed reorganization is subject to regulatory approval and is expected to close in the second quarter of 2020.

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