Nexo proposes to acquire Celsius’s loan portfolio

The crypto-lending platform Nexo said it is prepared to acquire Celsius’s loan portfolio from its rival. The offer runs until June 20.

All Nexo products are operating normally – Borrow, Earn, Exchange, the Nexo Card.

As always – deposits and withdrawals are processed instantly so that all of you can make the necessary arrangements in this latest downturn in the markets. 1/

— Nexo (@Nexo) June 13, 2022

“As a gesture of goodwill and in an effort to support the digital assets ecosystem in these difficult times, we reached out to the Celsius team yesterday to offer our support, but they declined. We firmly believe there is much that can be done to help Celsius’ customers,” the statement said.

Nexo stressed that it is in a strong position with liquidity and capital to acquire the rival’s loan assets.

On June 13, the Celsius crypto-lending platform halted withdrawals, exchanges and transfers between accounts ‘due to extreme market conditions’. This came amid a collapse in the cryptocurrency market — Bitcoin fell below $24,000, Ethereum traded near $1,220.

The CEL token plunged from around $0.475 to as low as $0.09. It is currently trading around $0.20. The drop over the last 24 hours was 48.8%, according to CoinGecko.

In May, Celsius founder and CEO Alex Mashinsky blamed the market downturn on crypto “sharks from Wall Street”.

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