Nexo Offers to Buy Out Celsius Loan Portfolio

Cryptocurrency lending platform Nexo has announced it is ready to buy out a loan portfolio from its competitor Celsius. According to the company, the offer is valid until June 20.

The company has said:

“In a show of good faith and in an effort to support the digital asset ecosystem during these difficult times, we reached out to the Celsius team yesterday to offer our support, but were denied. We strongly believe that much can be done to help Celsius customers.”

Nexo has stressed that it is “in a strong position with liquidity and equity” to buy out a competitor’s loan assets.

Crypto lending platform Celsius suspended withdrawals, exchanges, and transfers between accounts yesterday “due to extreme market conditions.” This happened against the backdrop of a collapse in the cryptocurrency market.