Nexo Taps Citigroup to Advise on Its Consolidation of Other Crypto Lenders

Nexo is working with banking giant Citigroup (Citi) as it pursues a consolidation of other crypto lenders hit by the recent market downturn, according to its announcement. 

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The news comes weeks after rival lending platform Celsius Network halted customer withdrawals, spurring speculation of insolvency.

"We have been approached by multiple Wall Street banks and decided to officially explore the opportunities for acquisition to help stabilize our nascent industry," said Antoni Trenchev, Nexo's co-founder and managing partner.

The announcement states that Nexo is planning a mass consolidation of the crypto industry through mergers and acquisitions.

As Fazzaco previously reported, Nexo revealed on June 13 that it was planning a buyout of Celsius, including assets "mostly or fully of collateralized loan receivables secured by corresponding collateral assets." 

Nexo's native token, NEXO, was recently trading at $0.6855, down 3.7% over the past 24 hours, as reported.