фото показано с : coinjournal.net

Nexo has today announced that it is spearheading talks with Citigroup as it seeks consolidation of the crypto lending space. Citigroup is poised to take the role of a financial advisor.

Through this new relationship with Citigroup and the extensive expertise of its investment arm, Nexo Ventures, Nexo has both the liquidity and the market know-how to lead a successful consolidation in the crypto lending sector.

The crypto lending sector in particular has proved to be in dire need of liquidity amid the ongoing turbulence within the crypto space. A number of crypto lenders like Celsius have been faced with the risk of insolvency as crypto prices nosedived over the past few weeks.

Since the cryptocurrency industry has no central body similar to the Federal Reserve that acts as a last resort for financial institutions at the risk of insolvency, mass consolidation of the crypto industry through mergers and acquisitions (M&A) becomes the way of least resistance for the remaining solvent players.

Nexo has been doing a lot of acquisitions in the recent past with the main aim being to “instill stability in the companies facing insolvency and, more importantly, to protect retail and other investors who would otherwise be most adversely affected by the failure of multiple crypto lenders” to refund their deposits when requested to do so.

According to Nexo’s co-founder and Managing Partner, Antoni Trenchev:

“We have been approached by multiple Wall Street banks and decided to officially explore the opportunities for acquisition to help stabilize our nascent industry. At Nexo, we have long advocated for the implementation of prudent practices and sustainable business models in our industry, as a result of which the company has amassed a war chest of funds to be used in such aid deals.”

Nexo has been looking for crypto firms that have been adversely affected by the recent crypto market conditions and Citigroup could be a great partner, especially as a fanatical advisor.

The post Nexo and Citigroup are in talks for strategic opportunities in crypto lending appeared first on CoinJournal.

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