The Chaine Finance platform has offered credit service Celsius Network options to minimize the loss that “could threaten the Web3 industry and the industry as a whole”.

“We firmly believe that there is no better way to decentralize than to work together. This is not a ‘quick fix’ but rather represents a long-term sustainable alternative to a system that provides custody of assets and removes risk for all cryptocurrency users.

According to the company, moving assets from one central organization to another is pointless. Chaine Finance sees Celsius Network’s decentralization as a logical way out of this situation.

The developers emphasized that the letter of intent is optional. The project, its partners and affiliates offered to acquire “certain assets and liabilities” of the crypto lending platform.

“Immediately after the proposed transaction closes […] We will make reasonable efforts to provide some liquidity through the Chaine application using decentralized technology and distribute certain assets to user addresses,” the letter states.

Chaine Finance is a DeFi project developing a mobile application for online banking based on the Fusion blockchain. The latter is characterized by Time Lock technology, which allows you to segment FSN tokens by time value.

The Wall Street Journal previously reported that Celsius had hired attorneys from Akin Gump Strauss Hauer & Feld for possible restructuring. According to some reports, the company turned to Citigroup to resolve this issue.

On June 17, it became known that prominent investors of the crypto lending platform refused to provide additional funds to it.

Simon Dixon, co-founder of online investment platform BnkToTheFuture, has proposed a recovery plan for Celsius, similar to Bitfinex’s recovery after the 2016 hack.

It was also announced by Sam Bankman-Fried, head of FTX and Alameda Research, that he is ready to help cryptocurrency market participants mitigate negative phenomena due to Celsius and Three Arrows Capital issues.

Recall that SEC Commissioner Hester Pierce was opposed to supporting crypto projects in a difficult situation.

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