Nexo has tapped Citibank for assistance on potential acquisitions as well as liquidity provision to faltered crypto platforms amid the market downturn.
by Nexo, the spokesperson stated that going public with the aforementioned LOI was an exceptional decision meant to garner attention. The company stated it had extended similar olive branches to other platforms behind closed doors, promising future updates at a more suitable date.
“Following the public statement of our readiness to help stabilize the industry, Nexo is now in ongoing talks with other big crypto companies for the development of a larger relief plan for the blockchain space. As the situation is both dynamic and sensitive, we will update you as soon as possible.”In order to further insulate itself from the ongoing situation, Nexo has tapped experts from Citibank to assist in its mission to provide relief to a battered industry, “just like the charge led by J.
Nexo further outlined the reasons why it is able to step up to the plate and begin extending its influence across the DeFi space. Among these, Nexo highlighted its strict collateralization policy – reportedly much more stringent than that of others, and its insurance package worth $775 million, underwritten by storied banking institutions such as Lloyd’s.
The attention to asset security at Nexo was also brought up, with the release stating that the firm had never been hacked or otherwise exploited for either client data or funds. Overall, Nexo seems to be in a good position to capitalize on the current situation. However, the extent of the consolidation is still unclear – and the long-lasting effects it may have remains uncertain.
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