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Nexo is working with banking giant Citigroup (C) as the crypto lender pursues a consolidation of other lenders hit by the recent market downturn, according to an announcement shared with CoinDesk. The company also later shared the information in a blog post.
- The announcement comes weeks after rival lending platform Celsius halted withdrawals, spurring speculation of insolvency.
- “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, co-founder and Managing Partner of Nexo.
- The announcement states that Nexo is planning a mass consolidation of the crypto industry through mergers and acquisitions (М&А).
- On June 13, Nexo revealed that it was planning a buyout of Celsius, including assets “mostly or fully of collateralized loan receivables secured by corresponding collateral assets."
- Last week, Celsius appointed Citigroup to advise it on possible financing solutions following its decision to freeze withdrawals and transfers, according to a report by The Block.
- Nexo's native token (NEXO), is currently trading at $0.6855, a 3.74% slump over the past 24-hours according to CoinGecko.
- Citigroup (C) shares are down 1.92% at $47.06 in Wednesday's trading session.
