Cryptocurrency

Nexo Offers To Buy Celsius And Unfreeze Withdrawals

An effort that would provide otherwise unaccessible liquidity to Celsius users.

Cryptocurrency

Nexo Offers To Buy Celsius And Unfreeze Withdrawals

An effort that would provide otherwise unaccessible liquidity to Celsius users.

Cryptocurrency asset solution and loan platform Nexo shared today, June 13, its Letter of Intent (LOI), to purchase part or all of its competitor Celsius. The offer comes shortly after Celsius announced that it would be putting a freeze on the withdrawal of assets from its platform.

In stating its case for why Nexo would be suitable to take over, the company shared publicly available audit data, courtesy of armanino, that proves it has been operating a sustainable business for over four years, is based on solid fundamentals, and has prudent risk management. The platform also states that it is in a unique position to do so due to its strong liquidity and equity positions.

We firmly believe that acquiring all or part of Celsius’ qualifying, outstanding collateralized loan receivables will go a long way in providing immediate liquidity to Celsius Network clients,” shared Nexo in a tweet.

Nexo has maintained a pattern of growth during the current market downtrend, offering new products like its Crypto credit card powered by Mastercard, which allows users the ability to spend their cryptocurrency holdings without having to sell — furthering the accessibility to the space and the reach of decentralized finance.

At the time of writing Celsius has not responded to the LOI, although members of the community seem to be willing and even eager to have the acquisition take place if it means they will have access to their funds again.

In other Crypto news, Glassnode Co-Founders say institutional money is continuing to buy the dip.

You may also like

Celsius Hires Bankruptcy Advisers Following Client Asset Freeze
Cryptocurrency

Celsius Hires Bankruptcy Advisers Following Client Asset Freeze

It has also been reported that Goldman Sachs is eyeing the assets.
Celsius Network Repays $140M In Outstanding Debt to Maker Protocol
Cryptocurrency

Celsius Network Repays $140M In Outstanding Debt to Maker Protocol

The lender has been at the edge of bankruptcy and recently froze withdrawals.
Crypto Lender Nexo To Buy Rival Platform Vauld
Cryptocurrency

Crypto Lender Nexo To Buy Rival Platform Vauld

Days after the competitor halted client withdrawals on its platform.
Satander To Offer Crypto Trading Services in Brazil
Cryptocurrency

Satander To Offer Crypto Trading Services in Brazil

Enjoying the fruits of its legislative labor after Brazil’s senate approved the country’s first “Bitcoin Law” in April.
More ▾