Earlier today, Celsius Network halted all withdrawals, swaps, and transfers between accounts of its users, citing extreme market conditions. Now, rival crypto-lending company Nexo extends a letter of intent to buy all qualifying assets of the company.
Nexo, its partners, and affiliates could readily acquire from Celsius part or all qualifying, outstanding collateralized loan receivables secured by their corresponding pledged cryptocurrency collateral, subject to Nexo’s risk management and collateral requirements.
After what appears to be the insolvency of Celsius Network and mindful of the repercussions for their retail investors & the crypto community, Nexo has extended a formal offer to acquire qualifying assets of Celsius Network after their withdrawal freeze.