Crypto Lending Firm Nexo Offers to Acquire Rival Celsius’ Assets
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Crypto market cap: 0.93 trillion, down 10.94%
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Top gainer: Kadena (KDA), up 12.71%
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News of the Day
Crypto lending firm Nexo has made an offer to acquire rival Celsius’ assets.
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
Crypto lender Celsius’ coin, CEL, falls over 50% as it halts withdrawals.
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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