What's happened to Celsius Network?

(Bloomberg) -- Celsius Network Ltd. will need more time to stabilize its liquidity and operations, the embattled crypto lending platform said in a blog post after it froze deposits last week.

Why is Celsius struggling to raise funds?

Celsius, one of the biggest crypto lenders, has been struggling to raise funds in a fragile digital-assets market hit by tightening interest rates, liquidity and the collapse of the Terra blockchain last month.

What is Celsius and how does it work?

Stop fucking around and cover the basics. Celsius launched in 2017 and offers customers high yield for crypto deposits, which it lends out to other crypto firms. It shares that business model with BlockFi and Nexo, among other players.

Why did Celcius ask customers for more time?

On Monday, Celcius asked customers for more time to deal with the situation. “We want our community to know that our objective continues to be stabilizing our liquidity and operations. This process will take time,” the company said in a blog post.