Celsius Rival Nexo Offers Acquisition Bid With an Expiry Date Amid Withdrawal Halt

• In effect, it has drafted an offer to Celsius in the form of an intent letter.
• Celsius said today that it stopped withdrawals, swaps, and transfers.

The Celsius event rattled the crypto industry more than the market-wide weekend slump. The staking and lending platform was criticized for its inability to handle money properly. Celsius said today that it stopped withdrawals, swaps, and transfers due to “extreme market circumstances” amid the confusion and terror.

Nexo, a competing crypto lending platform, has recently revealed that it is considering bidding to acquire Celsius’s collateralized loan portfolio and other assets.

Form of an Intent Letter

Nexo tweeted that Celsius had rejected its offer of assistance, which was a sign of goodwill and a way of supporting the digital asset ecosystem. Celsius’ management has also indicated that it has never rejoiced for the loss of any blockchain firm and that “much” can be done to “help” the company’s customers. The tweet emphasized its plans and intentions concerning the subject matter.

The tweet read:

“Nexo is in a solid liquidity and equity position to readily acquire any remaining qualifying assets of Celsius, mainly their collateralized loan portfolio. We are putting together an offer to Celsius to that accord and will communicate it publicly.”

In effect, it has drafted an offer to Celsius in the form of an intent letter. The same may be said about this, too.

The letter of intent stated:

“Nexo, its partners, and affiliates could readily acquire from Celsius part or all qualifying, outstanding collateralized loan receivables secured by their corresponding pledged cryptocurrency collateral, subject to Nexo’s risk management and collateral requirements.”

As far as bid expiry is concerned, this letter highlighted further that the offer is valid until 4:30 a.m. UTC on June 20.