Nexo Consults Citibank About Acquisitions During a Volatile Market

The cryptocurrency lending marketplace Nexo claims that because of its solid balance sheet, it can step in to help supply liquidity during the present market turbulence by purchasing the assets of failing crypto companies. Nexo said in a blog post that it is currently consulting with banking behemoth Citigroup on the best way to take over the assets of bankrupt crypto companies so that investors can regain access to frozen monies. According to Nexo co-founder and managing partner Antoni Trenchev, the recent cryptocurrency meltdown reminds him of the Panic of 1907, when vital Wall Street organizations were compelled to save other faltering businesses. ”This reminds me, quite frankly, of the 1907 bank panic where JP Morgan was forced to step in with his funds and rally all those guys who were solvent to fix the situation.” The report indicated that Nexo has already spoken privately with several struggling crypto companies, outlining several options for assisting with liquidity. Following news that another lending platform, Celsius, was experiencing a severe liquidity difficulty, Nexo officially indicated on June 13 that it was ready to buy some of the outstanding debts. Nexo’s Native Token On the same day, as concerns about significant DeFi contagion spread throughout the market, the value of Nexo’s native token, NEXO, fell by almost 25%, reaching a new yearly low of $0.61 per token. According to U.S.-based audit company Armanin...