Celsius Network clears Maker Loan, reclaims $440M collateral

•Celsius paid down the remaining $41 million of its debt on the DeFi platform

Celsius Network fully paid off a loan on Maker, one of the largest decentralized finance (DeFi) platforms in the crypto universe. The crypto exchange reclaimed $440 million of collateral on Thursday after paying off the loan.

CoinDesk reported that a wallet linked to Celsius repaid the remaining $41.2 million of the loan in DAI, the Maker protocol's stablecoin prompting the Maker protocol to release 21,962 wrapped bitcoins (WBTC), a bitcoin equivalent token of the Ethereum blockchain, which was pledged as collateral of the loan.

Since WBTC was recently trading at about $20,400, the value of the collateral reworks out to about $448 million.