Wall Street heavyweights Apollo Global Management and Fortress Investment Group are competing to buy bankrupt cryptocurrency lender Celsius Network. Each group is proposing to invest around $50 million to help restart Celsius under new management, with the aim of resuming some operations as a publicly traded company owned mostly by its creditors. The competition for Celsius could mean a higher payout to its creditors, including hundreds of thousands of customers who deposited their crypto with the company. Both groups are focused on increasing Celsius's crypto-mining business and processing and verifying transactions using customers' crypto holdings, but neither plans to immediately restart Celsius’s consumer lending business.
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