Troubled cryptocurrency lending firm Celsius Network has reorganized its board of directors as the company is trying to avoid bankruptcy and stabilize its liquidity. According to a recent filing, Celsius included finance executives David Barse and Alan Jeffrey Carr into the board in the last days of June.
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As per reports, Barse is also the founder of index company XOUT Capital and private family office DMB Holdings. Carr is the head of a fiduciary services firm called Drivetrain. As of press time, the company made no official statement regarding the update.
The move comes amid Celsius' continuous efforts to fight the bear market as the company previously laid off 150 workers, which is a quarter of its staff. Celsius also hired specialists from advisory firm Alvarez & Marsal to consulate it on a possible bankruptcy filing, but no updates in that direction have been made so far.
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