Supporting Celsius Creditors with Crypto Distributions

Starting today, U.S.-based Celsius creditors can access their cryptocurrency distributions through PayPal and Venmo, two trusted payments brands that provide cryptocurrency services to our consumers. Celsius creditors can login to PayPal (click here for PayPal) or Venmo (click here for Venmo using your mobile device), enter their unique claim codes provided by Celsius , and follow the on-screen instructions to receive their distributions of Bitcoin (BTC) and Ethereum (ETH).

Here are the steps for U.S.-based Celsius creditors to receive cryptocurrency distributions from Celsius via PayPal or Venmo:

  1. Login to PayPal or Venmo using your current credentials or create a PayPal or Venmo account using the same email address used for your Celsius account
    • Note: To avoid delays in collecting your distribution and prior to the discontinuation of the Celsius mobile and web apps, Celsius strongly encourages creditors ensure that your personal information is up to date and accurate in your Celsius Account — including your full legal name, contact email, and date of birth. This information will be used to match your identity for your claim distribution and must match the information on your government issued ID.
  2. Complete the required identity verification steps to access PayPal or Venmo crypto;
  3. Enter the unique claim codes;
  4. Watch for an email confirming your crypto distribution from PayPal  or Venmo, depending on the platform you chose. 

Crypto distributions from Celsius begin today and will continue in the coming weeks. We will notify you once the crypto is in your account, at which point you can easily manage or move your crypto using our simple and secure platforms. You can read more from Celsius on how distributions will work by clicking here.

Frequently Asked Questions

Q: When will I receive my crypto distribution? 

Celsius will begin distributing crypto on or around January 31, 2024.

Q: Do I need to let PayPal/Venmo know where to send my crypto? 

Yes – Celsius creditors will get claim codes from Stretto for their BTC and another one for ETH. Those codes can be used on either PayPal OR Venmo but not both. Codes are tied to a Celsius account ID, and if redeemed on one platform (PayPal or Venmo), the account ID is tied to that platform for this round of distribution. 

Q: Will I get all my crypto in this distribution? 

Initial cryptocurrency distributions will begin on or shortly after the effective date, which is currently expected to occur on or around January 31, 2024. Additional distributions may occur after this date as determined by Stretto in accordance with the Celsius reorganization plan (the Plan). Look for communications from Stretto as additional distributions occur.

Q: Can I split my claim distribution between my PayPal and Venmo accounts?

No - your claim for cryptocurrency must be completed on the same platform where it is initiated; through either PayPal or Venmo. For example, if you claim your BTC on PayPal, you must also claim your ETH on PayPal. If you claim your BTC on Venmo, you must also claim your ETH on Venmo.

Q: Is there a deadline to redeem my Celsius claim via PayPal or Venmo?

Creditors will have one year to redeem their Celsius distribution claims from the first attempted delivery. Any distribution that is unclaimed or otherwise remains undeliverable for one year after the first attempt to deliver shall be treated as unclaimed property under the Plan and promptly distributed to creditors. Read more about liquid vs. Illiquid crypto distributions here.

Q: What if I’m not in the U.S.? 

PayPal and Venmo are distribution partners for U.S. creditors only. Look for communications from Stretto for how creditors outside the U.S. will receive distributions.

Q: What about coins PayPal / Venmo doesn’t support? 

Celsius has multiple classes of creditors. For creditors who had assets in their “Custody” account, they can login to the Celsius app and withdraw those coins today. For claimants in the “Earn” or “Convenience” classes, all crypto was converted by Stretto to Bitcoin and Ethereum and those are the only coins that will be distributed. 

Q: How much of my crypto am I getting back? 

Please contact Stretto for any information on how much you are due in distributions.  

Q: How long after I enter my claim code will I get my crypto? 

Once you enter your claim code, PayPal and Venmo will check to make sure your account is set up to receive crypto transfers. This includes an additional verification step and lets us know that you are the correct recipient of the crypto. Once completed, you will get their crypto almost instantly.  

Q: How will I know when my crypto is deposited into my account? 

You will get an email confirmation with the balance of crypto deposited into their account. The activity history in your app or on our website will also show a credit from Celsius.  

Q: Do I need to keep my crypto on PayPal or Venmo?

No - once crypto is deposited into your account, you will have the option of purchasing additional supported crypto, holding it, selling it or transferring your crypto to a supported third-party exchange or wallet.

Helpful resources

1Look for communications from Stretto for how customers outside the U.S. will receive distributions. Not available for PayPal and Venmo customers in Hawaii.

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