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Crypto Lending Firm Nexo Offers to Acquire Rival Celsius’ Assets

Daily Market Wrap

  • Crypto market cap: 0.93 trillion, down 10.94%

  • BTC price stands at USD 21,916, down 15.95%

  • ETH price stands at USD 1,157, down 16.13%

  • Top gainer: Kadena (KDA), up 12.71%

  • Top loser: Monero (XMR), down 17.80%

News of the Day

Why it matters:

  • Crypto lending firm Nexo responded to the news of its rival, Celsius, pausing withdrawals in a Twitter thread and expressed interest in acquiring all or part of Celsius’ assets

  • A letter of intent was also posted Monday outlining its “potential interest” to acquire qualifying, outstanding collateralised loan receivables that will go a long way in providing immediate liquidity to Celsius Network clients

  • Celsius Network announced Monday that it would pause all withdrawals, swaps, and transfers between accounts because of extreme market conditions

Crypto daily spotlight

Brief introduction: Celsius Network is an Ethereum-based lending platform that provides interest-bearing savings accounts (staking), borrowing and payments services for digital assets. It has a native utility token called CEL. If users choose to receive staking rewards in the form of CEL tokens, they can receive up to 30% more rewards on all deposits of non-CEL tokens. For borrowers and institutions, paying interest in CEL also comes with a discount.

Why it matters:

  • Crypto lending service Celsius Network has paused withdrawals, swaps, and transfers on its platform early Monday due to “extreme market conditions”

  • The price of Celsius’ CEL token, trading at 11 cents as of this writing, fell over 50% after the news came out

  • Crypto reporter Colin Wu (Twitter: @WuBlockchain) said on Twitter that Celsius has transferred about 104,000 ETH to FTX in the past three days

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