Nexo Wants to Buy Qualifying Assets of Celsius Network After Withdrawal Freeze

Earlier today, Celsius Network halted all withdrawals, swaps, and transfers between accounts of its users, citing extreme market conditions. Now, rival crypto-lending company Nexo extends a letter of intent to buy all qualifying assets of the company.

• As CryptoPotato reported earlier today, one of the leading cryptocurrency lenders – Celsius Network – is facing major difficulties.
• Citing “extreme market conditions,” the company halted all withdrawals, swaps, and transfers between the accounts of its users, causing a stir within the crypto community.
• Shortly after, a rival company – Nexo – sent a letter of intent “to purchase remaining qualifying assets” of Celsius Network.

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.

• Nexo took it to Twitter to confirm the news:

After what appears to be the insolvency of Celsius Network and mindful of the repercussions for their retail investors & the crypto community, Nexo has extended a formal offer to acquire qualifying assets of Celsius Network after their withdrawal freeze.

• The company believes that this will “go a long way in providing immediate liquidity to Celsius Network Clients.”
• Celsius Network has until June 20, 2022, at 4:30 AM UTC to respond.