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Crypto Lending Firm Nexo Appoints Citibank To Advise On Acquisitions Amid Market Turmoil

Nexo, a crypto lending venue, is of the view that its solid balance sheet indicates its ability to assist struggling crypto companies in terms of liquidity during the present turmoil in the market by obtaining their assets. in one of its blog posts, Nexo declared that the firm is at present acquiring consultation from Citigroup (a giant in the banking sphere) on what are the best things to do to get the insolvent crypto companies’ assets, permitting the investors to reach their blocked funds once again.

The managing partner as well as the co-founder of Nexo, Antoni Trenchev, informed Bloomberg in the last week that the present collapse of cryptocurrency makes him remember 1907’s catastrophe when prominent organizations within  Wall Street were compelled to exit from the rest of the struggling companies.

In the very blog post, it was boasted by Nexo that the firm had always operated a supportable business model with no involvement in hazardous lending activities, hence, it currently has a status of unparalleled stability, signifying that its exclusive design permits it to distinctively move ahead to support the developing companies.

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According to the platform, the crypto world is going to enter a stage of broad consolidation and this chapter has in advance been started with the existing solvent players, such as Nexo, showing their willingness to obtain the assets of firms with solvency problems to supply instant liquidity to the consumers thereof as well as a relief to the whole industry. The respective post disclosed that Nexo has previously contacted several progressing crypto companies, providing diverse methods to offer liquidity support.

On 13th June, Nexo openly declared preparedness to obtain a few of the extraordinary loans of Celsius, after disclosures that the lending company was going through a huge liquidity catastrophe. On that very day, Nexo’s native token NEXO plummeted by up to 25%s, touching a unique annual low at $0.61, as the apprehensions grew regarding the decentralized finance (DeFi) disaster which recently rose across the market.

After three days, such fears mounted again as the investment company named 3 Arrows Capital (3AC) remained unsuccessful in handling the margin calls, experiencing damage of almost $400M in terms of liquidations throughout multiple positions. It is asserted by Nexo that the firm does not have any 3AC exposure. Dissimilar to several other plagued companies, the liquidity of Nexo is 100% to deal with its debt obligations of up to $4.96B, as per Armanino (the audit company based in the United States).

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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