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.

Citi Developing Token Services for Institutional Clients

04:57

Singapore's Central Bank Presents Design Framework for Interoperable Digital Asset Networks

02:32

CBDCs Will Be a 'Trojan Horse': Citi's Future of Finance Global Head

Citi's Future of Finance Global Head Addresses Future of CBDCs

Trust Is Gained Over Time but Lost in an Instant: Analyst

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Consensus

27

22

59

35

Nexo Hires Citigroup to Advise on Acquisitions

The crypto lender is planning to buy rival platforms.

Citi Developing Token Services for Institutional Clients

10 Years of Decentralizing the Future

Citi Developing Token Services for Institutional Clients