Nexo Offers to Help Out Rival Celsius Amid Withdrawal Suspension

Cryptocurrency lending platform, Nexo has offered to extend support to rival Celsius after the latter announced the suspension of withdrawals and transfers due to “extreme market conditions.” Nexo Extends Helping Hand to Celsius In an open letter, Nexo has extended a formal offer to acquire qualifying assets of Celsius Network. The announcement comes on top of Celsius halting all withdrawals, swaps, and transfers between the accounts of its users citing “extreme market conditions.” “Nexo, its partners, and affiliates could readily acquire from Celsius part or all qualifying, outstanding collateralized loan receivables secured by their corresponding pledged cryptocurrency collateral, subject to Nexo’s risk management and collateral requirements,” the letter reads. The offer is valid until 4:30 a.m. UTC on June 20, unless accepted or rejected by the seller, or withdrawn by the buyer prior to that time. However, Nexo’s first call to help was rejected by the Celsius team on June 12. “Yesterday we reached out to the Celsius team to offer our support, but our help was refused,” Nexo said in a statement. Nexo is in а solid liquidity and equity position to readily acquire any remaining qualifying assets of Celsius, mainly their collateralized loan portfolio. We are putting together an offer to Celsius to that accord and will communicate it publicly. 5/ — Nexo (@Nexo) June 13, 2022 Nexo Assures their Products are Operating Normally Sep...