Nexo, a popular crypto lending platform, has made an offer to Celsius, its business competitor. The company made the announcement on Twitter. However, the firm has not sent a direct offer to Celsius.
Earlier today, Celsius announced the stoppage of all withdrawal services on its platform. This was due to the recent crash in the crypto market and its shares.
Nexo Offers To Assist Celsius
Despite the price fall, Nexo noted it has a strong equity and liquidity position. The crypto lender has offered to buy all remaining assets owned by Celsius.
Additionally, it said it would love to buy Celsius’ collateralized loan portfolio. This portfolio is currently under extreme pressure because of the stake ETH depegging.
From Nexo’s letter, it is ready to acquire part of the Celsius outstanding collateralized loan. These loans are secured via pledged crypto collateral. Also, the crypto lender noted that it would make all proposals publicly.
As of yesterday, when Celsius shares began to drop, Nexo’s team reached out to help. Unfortunately, reports say that the Celsius team refused the assistance.
At the start of this week, Celsius announced the stoppage of withdrawal services. In addition, the company also paused all transfers and swaps on its platform.
The company took this step after its shares started to drop. The new announcement was to ensure that its claims do not continue to decline.
Over the past 24 hours, CEL’s price has fallen by about 50%. Investors are afraid of another “Terra crash.” As of writing time, the trading price of CEL is $0.2088. It has been down by over 45.37% in the past 24 hours.
Why Does Nexo Want To Buy The Remaining Assets?
Meanwhile, the lending firm all its products and services are operating optimally. Some of Nexo’s services include Earn, the Nexo Card, Exchange, and Borrow.
Also, it added that withdrawals and deposits are still available. This is to enable investors to withdraw their funds as the market plunges. However, the crypto crisis has also affected Nexo.
In the past 24 hours, the price of its token, NEXO, has plunged by 20%. As a result, the price has dropped below $1. As of the time of writing, NEXO’s trading price is $0.79.
According to Nexo, it is not happy about the failure of other blockchain firms. Meanwhile, it noted that its company has outstanding qualities that differentiate it from others.
These qualities allow it to remain stable despite changing market conditions. One of them is its real-time auditing of all custodial assets.