Nexo hires Citibank to advise on acquisitions during market turmoil

Crypto lending platform Nexo says that a strong balance sheet could be used to save the assets of crypto companies struggling to provide financial support in the current turbulent market.

In a blog post, Nexso announced that it is receiving advice from bank giant Citigroup on how to better access the assets of bankruptcy companies so that investors can recover their frozen funds.

Last week, Nexo co-founder and managing partner Anthony Trenchev told Bloomberg: He remembers the terror of 1907 – major Wall St. institutions were forced to rescue other struggling organizations.

“This reminds me of the 1907 Bank Terrorism, which forced JP Morgan to invest in his own money and mobilize all those who were trying to change the situation.”

In a blog post, Nexo boasted that he had not always been involved in a risky business model. To help struggling organizations.

“The crypto space is about to enter a phase of mass consolidation that has already begun with the rest of the dying players, like the Nexo, and the entire industry is ready to acquire the assets of companies that are struggling to provide immediate liquidity and relief to their customers,” he said.

According to the post, Nexo has been in private contact with a number of struggling crypto companies, offering various ways to provide financial support.

On June 13, Nexso officially announced that it was preparing to receive some Celsius loans, following the announcement that the lender was facing serious financial difficulties.

On the same day, the Nexo Indigenous Token, NEXO, fell nearly 25%, lowering the DeFi contagious risk on the market to a new annual low of $ 0.61 per Token.

Three days later, the investment company 3 Arch Capital (3AC) failed to meet its marginal calls, and re-emergence fears arose – with several jobs losing $ 400 million. Nexo claims no risk for 3AC.

Unlike many other companies, Nexso has 100% liquidity to meet its $ 4.96 billion debt obligations, according to Armanino, a US audit firm.

Related The Celsius crisis exposes low liquid levels in bear markets

NEXO has been stable since trading on June 13 and is currently trading at $ 0.65, according to TradingView.