Cred Inc. Files for Bankruptcy as its Trading Platform Plans to Sue

California-based cryptocurrency investment firm Cred Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware on November 8, according to court documents.

Cred listed its estimated assets ranging between $50-100 million, and its estimated liabilities ranging between $100-500 million. In a press release, the company stated that it filed for Chapter 11, “to explore strategic alternatives, including, without limitation, the restructuring of its balance sheet or the sale of its business as a going concern, in a court-supervised process.”

Shortly before the announcement, cryptocurrency wallet and trading platform Uphold terminated its relationship with Cred. Uphold initially partnered with Cred because it had confidence in the well-experienced found...

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