The crypto lending platform, Nexo has offered to buy any remaining qualifying assets from rival lending platform Celsius.
In the Twitter thread, Nexo pointed out the fact the company “is in a strong liquidity and equity position as evidenced by the only real-time reserves attestation of a blockchain finance company.”
(Nexo disclosed in an audit earlier today that it had $6.2 billion in customer liabilities and held assets in excess of that amount.)
Nexo publicized its Letter of Intent, which stated “possible acquisition of certain remaining qualifying assets, mainly collateralized loan receivables secured by corresponding collateral assets, brand assets and customer database of the business,” of Celsius.
This proposition comes after Celsius freezed withdrawals and transfers this week because of extreme market conditions.
Celsius also announced its decision to pause its swap and transfer products, without giving a timeline for resuming withdrawals.
Celsius said, “Our ultimate objective is stabilizing liquidity and restoring withdrawals, Swap, and transfers between accounts as quickly as possible. There is a lot of work ahead as we consider various options, this process will take time, and there may be delays.”
The crypto market has been extremely tumultuous this week, with the price of Bitcoin falling under $25,000. The total crypto market cap fell below $1 trillion today.