Bitcoin and altcoin lending platform Nexo has stepped forward to present a buyout offer to rival Celsius. Earlier, Celsius announced that it would cease all services between accounts due to extreme market conditions. While Nexo has not made a direct offer so far, the platform said in a Twitter thread that it has sufficient funds to pursue such an offer.
The company behind altcoin NEXO offers to help Celsius
Amid the price crash, Nexo reports that it is a solid liquidity and equity position. It offers to acquire all remaining qualifying assets of Celsius. He specifically mentioned the platform’s secured loan portfolio. The portfolio is under extreme pressure due to staked Ethereum depegging. Nexo added that any of the bids to Celsius will be made public. Nexo underlined that they reached out to the Celsius team yesterday to offer support as a gesture of goodwill. However, Celsius allegedly refused to seek help. Celsius stated that it stopped withdrawals with the following words:
Due to extreme market conditions, we are announcing today that Celsius is suspending all withdrawals, swaps and transfers between accounts. We are taking this action today to put Celsius in a better position to meet its withdrawal obligations over time. As previously reported by
Kriptokoin.com , Celsius announced that it has paused all withdrawals, swaps and transfers on its platforms. According to the statement, this was done to prevent further collapses and to put the coins in a better position. Celsius (CEL) prices are down more than 50 percent. It has faced a major crash in the last 24 hours. CEL is trading at an average price of $0.192 at the time of writing.
Why did Nexo make this offer?
Meanwhile, Nexo added that its products and services such as Borrow, Earn, Exchange and Nexo Card are operating normally. He mentioned that deposits and withdrawals are on the way so investors can take the necessary steps in this collapsing market. Nexo’s token prices have dropped more than 20 percent in the last 24 hours. This collapse caused the price of the token to drop below the $1 level. Currently, it is trading at an average price of $0.808.
Nexo said their team has never supported any other Blockchain business failures. However, he also highlighted some technical features that set them apart from the rest. This allows the platform to maintain financial stability in different market conditions. The platform proves the liquidity of the company’s assets at all times. With this evidence, it performs a real-time audit of custody assets that show they have exceeded their liabilities.
