• Nexo Appoints Citigroup to Provide Acquisition Advice

  • As it pursues a consolidation of further crypto lenders impacted by the recent market collapse, Nexo is collaborating with banking behemoth Citigroup (C). Later, the business released the information in a blog post as well.

    The revelation comes a few weeks after Celsius Network, a competitor loan platform, stopped allowing customer withdrawals, sparking insolvency rumors.

    “We have been approached by multiple Wall Street banks and decided to officially explore the opportunities for acquisition to help stabilize our nascent industry,” said Antoni Trenchev, Nexo’s co-founder and managing partner.

    According to the announcement, Nexo intends to significantly consolidate the cryptocurrency market through mergers and acquisitions.

    Nexo announced on June 13 that it was planning a buyout of Celsius, which would include assets “mostly or entirely of collateralized loan receivables covered by comparable collateral assets.”

    Following its decision to freeze withdrawals and transfers, Celsius appointed Citigroup to assist it on possible funding last week.

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