Celsius Network has disclosed that it intends to pay creditors through PayPal’s Hyperwallet. The move comes after the digital currency lending firm filed for bankruptcy. Choosing Hyperwallet is expected to optimize and quicken the repayment process.
Hyperwallet Solves Celsius Cross-Border Payment Issues
In its recent court filing, Celsius Network revealed that it had chosen Hyperwallet as its payment solution partner because of its ability to process cross-border payments. The service tackles problems like providing wrong bank account information, which may hinder the transfer process. Moreover, creditors can choose the method of payment they desire from a portal.
Hyperwallet processes transactions in 117 jurisdictions, including India, the Bahamas, and Croatia. This broad coverage guarantees that most creditors globally can retrieve their money. The service also supports the exchange of cryptocurrency and fiat money to provide recipients with more options.
With Hyperwallet, Celsius plans to streamline the repayment process considerably. The platform’s interface is believed to have no issues that may cause complications and simplify the payment process.
Celsius Targets Creditors in Recovery Lawsuits
Celsius has been trying to get its funds back through various legal means. The company recently filed a lawsuit against Tether for $2.4 billion due to the alleged fraud in a Bitcoin transaction. This legal action concerns the transactions that Celsius has accused of being fraudulent.
Moreover, Celsius has sued some creditors who allegedly withdrew significant amounts before Celsius’ shutdown in 2022. The lawsuits assert these were preferential transfers, and Celsius is making efforts to get the money back for the benefit of all the creditors.
Tether’s CEO, Paolo Ardoino, has termed the allegations “baseless” and stated that Tether is willing to fight the claims in court. This is part of Celsius’s effort to ensure there is enough money to pay the creditors.
Since Celsius’s financial problems, the creditors have had to wait for their claims to be settled for about two years. The entry of Hyperwallet is considered a vital move in addressing these unpaid dues. The platform’s flexibility and efficiency will probably be crucial in accelerating the distribution process.
