Cryptocurrency lender with Tampa office files for bankruptcy

Celsius Network, a New Jersey-based cryptocurrency lending platform that opened an office in Tampa last autumn, has filed for  Chapter 11 bankruptcy, with its board of directors calling the move “a difficult but necessary decision,” according to a news release.

The company says it has $167 million in cash on hand and will continue to pay its 17 employees and provide benefits without disruption. Last month, in response to a severe downturn in the value of leading cryptocurrencies bitcoin and ethereum, Celsius Network suspended customers’ ability to make withdrawals and transfers on its platform.