Nexo platform offered to buy Celsius’ crypto assets

This came after Celsius suspended withdrawals, exchanges, and transfers between accounts, citing “extreme market conditions”

13.06.2022 - 11:15

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What’s new? Crypto lender Nexo wants to buy the assets of the Celsius platform. Nexo representatives said on Twitter that the company has enough liquidity and equity capital to acquire the remaining assets of Celsius, primarily their collateralized loan portfolio. The crypto lender has provided a formal letter of intent regarding the lending platform’s debt.

Nexo’s letter

What does the letter say? The company, its partners, and affiliates are ready to acquire from Celsius part or all of the eligible outstanding collateralized loan receivables, subject to Nexo’s risk management requirements. The offer is valid until June 20.

What is known about Nexo? It is an instant loan service secured by cryptocurrency deposits based on the Ethereum blockchain. Nexo was founded in 2018. One of the founders and managing partners is Antoni Trenchev. Nexo currently manages the assets of 4 million users in 200 jurisdictions.

Earlier, Celsius, a DeFi lending platform, suspended withdrawals, exchanges, and transfers between accounts citing “extreme market conditions.” Against this backdrop, the value of the native token CEL fell by more than 50%, according to Binance. As of June 13, 11:00 UCT, the asset is trading at $0,2.

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