Crypto lender, Nexo revealed that it is hiring banking behemoth Citigroup as acquisitions advisors. Nexo seeks to combine other cryptocurrency lenders that were affected by the recent market collapse.
According to Antoni Trenchev, co-founder and managing partner of Nexo, “We have been approached by multiple Wall Street banks and have decided to officially explore the opportunities for acquisition to help stabilise our nascent industry.”
The revelation comes just after a competitor loan platform, Celsius Network hired lawyers to advise on financial issues.
As per the announcement, Nexo intends to significantly consolidate the cryptocurrency market through mergers and acquisitions.
On June 13, Nexo disclosed its plans to acquire Celsius, which would include assets that were “mostly or fully of collateralized loan receivables secured by corresponding collateral assets.”
According to Nexo, it is also in discussions with a number of other cryptocurrency businesses to assist in creating a larger relief scheme for the blockchain industry.
Also Read: Nexo Offers to Buy out Celsius’ Assets