{"id":12920,"date":"2022-06-23T22:16:43","date_gmt":"2022-06-23T22:16:43","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/nexo-hires-citigroup-to-advise-in-times-of-mass-consolidations\/"},"modified":"2022-06-23T22:16:43","modified_gmt":"2022-06-23T22:16:43","slug":"nexo-hires-citigroup-to-advise-in-times-of-mass-consolidations","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/nexo-hires-citigroup-to-advise-in-times-of-mass-consolidations\/","title":{"rendered":"Nexo Hires Citigroup to Advise in Times of Mass Consolidations"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>Cryptocurrency lending firm Nexo is consulting with banking giant Citigroup as it plans to buy rival platforms hit by the recent market downturn. This according to a company <a href=\"https:\/\/nexo.io\/blog\/the-great-crypto-consolidation-nexos-role-in-aiding-businesses-and-investors\">blog post<\/a>.<\/p>\n<p>The announcement states that Nexo intends to move forward with a mass consolidation of the crypto industry through mergers and acquisitions:<\/p>\n<blockquote>\n<p>\u201cIn light of all this,\u00a0the crypto space is about to enter a phase of mass consolidation\u00a0which has already begun with\u00a0the remaining solvent players, like Nexo, expressing their readiness to acquire the assets of companies with solvency issues\u00a0in order to supply\u00a0immediate liquidity\u00a0to their clients and\u00a0relief to the entire industry.\u00a0\u201c<\/p>\n<\/blockquote>\n<p>The blog post detailed:<\/p>\n<p>\u201cAs a leader in blockchain-based finance, our team feels an obligation to the crypto community and, most importantly, to the retail investors that would be hardest hit by this panic. Our drive to protect investors goes deeper than words as we have, from the very first signs of trouble in early June, begun conversations about possible relief plans\u201d<\/p>\n<p>Antoni Trenchev, Nexo\u2019s co-founder and managing partner, said:<\/p>\n<blockquote>\n<p>\u201cWe have been approached by multiple Wall Street banks and decided to officially explore the opportunities for acquisition to help stabilize our nascent industry.\u201d<\/p>\n<\/blockquote>\n<p>The news comes after lending platform <a href=\"https:\/\/igaming.org\/crypto\/crypto-lending-firm-celsius-stops-withdrawals-markets-crash\/\">Celsius Network\u00a0suspended customer withdrawals<\/a>, citing extreme market conditions, leading to speculation of insolvency.<\/p>\n<p>In response Nexo stepped up saying it could buy certain assets, in particular the collaterized loan portfolio, and <a href=\"https:\/\/igaming.org\/crypto\/nexo-offers-celsius-buyout-as-its-rival-platform-suspends-withdrawals\/\">made a formal offer<\/a>.<\/p>\n<p>Nexo\u2019s native token, NEXO, is currently trading at<a href=\"https:\/\/coinmarketcap.com\/currencies\/nexo\/\" rel=\"nofollow\"> $0.6633<\/a>, according to <a href=\"https:\/\/igaming.org\/cryptocurrencies\/coinmarketcap\/\">CoinMarketCap<\/a>, \u00a0down 4.65% over the past 24 hours.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/nexo-hires-citigroup-to-advise-in-times-of-mass-consolidations\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) Cryptocurrency lending firm Nexo is consulting with banking giant Citigroup as it plans to buy rival platforms hit by the recent market downturn. This according to a company blog post. The announcement states that Nexo intends to move forward with a mass consolidation of the crypto [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":12921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/12920"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=12920"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/12920\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/12921"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=12920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=12920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=12920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}