Nexo Hires Citigroup to Advise on Acquisitions

The crypto lender is planning to buy rival platforms.

AccessTimeIconJun 22, 2022 at 4:55 p.m. UTC
Updated May 11, 2023 at 5:38 p.m. UTC
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Nexo is working with banking giant Citigroup (C) as it pursues a consolidation of other crypto lenders hit by the recent market downturn, according to an announcement shared with CoinDesk. The company also later announced the information in a blog post.

  • The news comes weeks after rival lending platform Celsius Network halted customer 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, Nexo's co-founder and managing partner.
  • The announcement states that Nexo is planning a mass consolidation of the crypto industry through mergers and acquisitions.
  • 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, following its decision to freeze withdrawals and transfers, according to a report by The Block.
  • Nexo's native token, NEXO, was recently trading at 69 cents, down 3.7% over the past 24 hours, according to CoinGecko.


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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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