Nexo offered to buy some assets from lending competitor Celsius to ensure obligations to customers can be met.
Cryptocurrency lending platform Nexo said it’s interested in buying certain assets from rival Celsius, in particular its collateralized loan portfolio.
The announcement came in response to Celsius’ decision to freeze withdrawals and transfers, citing extreme market conditions.
In a letter to Celsius on Monday, Nexo offered to buy “substantially part of or all of the remaining qualifying assets … comprising mostly or fully of collateralized loan receivables secured by corresponding collateral assets, as well as brand assets and the customer database.”
Nexo, based in Zug, Switzerland, publicized the letter, which didn’t mention a price, in a tweet.
Unlike Celsius, which reports platform inflows and outflows on a weekly basis, Nexo provides a real-time audit of custodial assets.
In its recent audit, Nexo revealed that it had $6.2 billion in customer liabilities. It held assets in excess of that amount.
The Nexo token price is down by 22% in the past 24 hours amid a market-wide sell-off. Celsius’ CEL token has lost more than 50% of its value following its announcement earlier Monday.
Celsius, which is headquartered in New Jersey and has a subsidiary in London, had not responded to requests for comment by publication time.