Nexo AG has made an offer to buy the remaining qualifying assets of rival Celsius Network. The proposition follows Celsius’s pause on all withdrawals, swap and transfers between accounts. Nexo has offered to buy the cryptocurrency lending and borrowing platform’s collateral assets, brand assets and customer database.
Celsius’ rival Nexo, said the move aims to put the firm in a better position to help its clients.
Nexo said in a statement on LinkedIn:
After what appears to be the insolvency of Celsius and mindful of the repercussions for their retail investors & the crypto community, Nexo has extended a formal offer to acquire qualifying assets of Celsius after their withdrawal freeze.