Nexo offers to buy out Celsius’ loans amid withdrawal suspension

Nexo platform could rescue Celsius’ customers after “what appears to be the insolvency of the Celsius Network.”

There’s a glimmer of hope for the bear market’s most recent victim. Following reports that Celsius is insolvent, Nexo is offering a buy-out.

A Nexo representative told Cointelegraph that Nexo is trying to do the “right thing” as they are “mindful of the repercussions for retail investors & the crypto community.”

Celsius suspended all network withdrawals on Monday; users are not able to access their funds. In an open letter, Nexo has extended a formal offer to acquire qualifying assets of Celsius Network after their withdrawal freeze. The letter states:

For some commentators, such as analyst Will Clemente, comparisons between Luna’s implosion and Celsius’ apparent insolvency are too hard to ignore:

As Klippsten and Nexo have made clear, the crypto community is attempting to limit the immediate fallout of Celsius’ reported insolvency. The Nexo spokesperson said “[Nexo] hopes Celsius will accept this help and as few investors will be affected adversely as possible.”