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CEL Token Soars as Celsius Shareholder Proposes Recovery Plan, Celsius Pays Compound

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cryptonews.com

The troubled crypto lending and borrowing company Celsius’ CEL token jumped today, as a company shareholder proposed a recovery plan, and Celsius made a USD 10m payment to the decentralized finance (DeFi) platform Compound (COMP).A couple of good news related to Celsius seem to have led to a surge in the price of CEL, a token issued by Celsius as a reward to users on its platform.On Tuesday at 09:52 UTC, the token was up by 52.4% in the past 24 hours and nearly 400% in the past week, trading at a price of USD 1.41.

The token remains down by 83% from its all-time high seen in June last year.According to a recovery plan proposed by Simon Dixon, the founder of the crypto-focused investment firm Bnk to the Future, “financial innovation” is the only way to find a “timely solution” to the situation Celsius now finds itself in.Celsius last week halted withdrawals for all customers, citing “extreme market conditions” as its reason for doing so.

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