• Latest
  • Trending
Nexo proposes to buy Celsius assets as the latter is in difficulty

Nexo proposes to buy Celsius assets as the latter is in difficulty

June 15, 2022
The Sandbox X Time Square: a New York City neighborhood enters the metaverse

The Sandbox X Time Square: a New York City neighborhood enters the metaverse

June 27, 2022
MoonPay: high-speed NFT mint finally possible

MoonPay: high-speed NFT mint finally possible

June 27, 2022
PancakeSwap users invited to participate in a decisive vote

PancakeSwap users invited to participate in a decisive vote

June 27, 2022
Solana (SOL) launches the Saga, the first smartphone designed for Web 3.0

Solana (SOL) launches the Saga, the first smartphone designed for Web 3.0

June 26, 2022
Harmony: Horizon Bridge protocol exploited by a hacker, $100 million stolen

Harmony: Horizon Bridge protocol exploited by a hacker, $100 million stolen

June 26, 2022
The dYdX trading platform will develop its blockchain on Cosmos (ATOM)

The dYdX trading platform will develop its blockchain on Cosmos (ATOM)

June 26, 2022
eBay acquires NFT platform KnownOrigin

eBay acquires NFT platform KnownOrigin

June 25, 2022
Ledger unveils its NFT marketplace and enriches its services

Ledger unveils its NFT marketplace and enriches its services

June 25, 2022
Bybit: $8 million to win with the World Series Of Trading (WSOT)

Bybit: $8 million to win with the World Series Of Trading (WSOT)

June 25, 2022
Celsius’ CEL token jumps 1600% in one week, is this a GameStop-style short squeeze?

Celsius’ CEL token jumps 1600% in one week, is this a GameStop-style short squeeze?

June 24, 2022
Tether launches GBPT, a stablecoin backed by the British pound

Tether launches GBPT, a stablecoin backed by the British pound

June 24, 2022
How can the stETH depeg be an interesting opportunity?

How can the stETH depeg be an interesting opportunity?

June 24, 2022
CoinsMag
SignIn / SignUp
  • HOME
  • NEWS
    PancakeSwap users invited to participate in a decisive vote

    PancakeSwap users invited to participate in a decisive vote

    MoonPay: high-speed NFT mint finally possible

    MoonPay: high-speed NFT mint finally possible

    The Sandbox X Time Square: a New York City neighborhood enters the metaverse

    The Sandbox X Time Square: a New York City neighborhood enters the metaverse

    The dYdX trading platform will develop its blockchain on Cosmos (ATOM)

    The dYdX trading platform will develop its blockchain on Cosmos (ATOM)

    Harmony: Horizon Bridge protocol exploited by a hacker, $100 million stolen

    Harmony: Horizon Bridge protocol exploited by a hacker, $100 million stolen

    Solana (SOL) launches the Saga, the first smartphone designed for Web 3.0

    Solana (SOL) launches the Saga, the first smartphone designed for Web 3.0

  • BLOCKCHAINS
    • All
    • Avalanche
    • Bitcoin
    • BNB Chain
    • Cardano
    • Cosmos
    • Dogecoin
    • Elrond
    • Ethereum
    • Monero
    • Polkadot
    • Polygon
    • Shiba Inu
    • Solana
    • Stellar
    • Ternoa
    • Terra
    • Tezos
    • Tron
    PancakeSwap users invited to participate in a decisive vote

    PancakeSwap users invited to participate in a decisive vote

    Solana (SOL) launches the Saga, the first smartphone designed for Web 3.0

    Solana (SOL) launches the Saga, the first smartphone designed for Web 3.0

    The dYdX trading platform will develop its blockchain on Cosmos (ATOM)

    The dYdX trading platform will develop its blockchain on Cosmos (ATOM)

    How can the stETH depeg be an interesting opportunity?

    How can the stETH depeg be an interesting opportunity?

    A new Terra? Tron’s USDD still hasn’t returned to parity with the dollar

    A new Terra? Tron’s USDD still hasn’t returned to parity with the dollar

  • DEFI

    Free crypto / referral codes

    This (other) billionaire, who prefers Dogecoin to Bitcoin

    This (other) billionaire, who prefers Dogecoin to Bitcoin

    Google and the king of crypto oracles Chainlink (LINK) unveil their joint project

    Google and the king of crypto oracles Chainlink (LINK) unveil their joint project

    The Bitcoin (BTC) hashrate is on the rise again

    The Bitcoin (BTC) hashrate is on the rise again

    Burger King accepts Dogecoin (DOGE) in Brazil… for dog food

    Burger King accepts Dogecoin (DOGE) in Brazil… for dog food

    791 bitcoins bought for $5 9 years ago have finally come to life

    791 bitcoins bought for $5 9 years ago have finally come to life

    Binance: the rise of the BUSD impresses

    Binance: the rise of the BUSD impresses

    SoftBank invests 200 million in Latin America’s Coinbase

    SoftBank invests 200 million in Latin America’s Coinbase

    Bitcoin (BTC): institutions resume buying

    Bitcoin (BTC): institutions resume buying

  • NFT
    MoonPay: high-speed NFT mint finally possible

    MoonPay: high-speed NFT mint finally possible

    Ledger unveils its NFT marketplace and enriches its services

    Ledger unveils its NFT marketplace and enriches its services

    eBay acquires NFT platform KnownOrigin

    eBay acquires NFT platform KnownOrigin

    Yves Saint Laurent Beauté enters Web 3 through a partnership with Arianee

    Yves Saint Laurent Beauté enters Web 3 through a partnership with Arianee

    TAG Heuer allows to display its non-fungible tokens (NFTs) on its luxury watches

    TAG Heuer allows to display its non-fungible tokens (NFTs) on its luxury watches

    OpenSea migrates to its new Seaport protocol to reduce transaction costs

    OpenSea migrates to its new Seaport protocol to reduce transaction costs

  • GAMES
    Immutable unveils new $500 million gaming fund Web3

    Immutable unveils new $500 million gaming fund Web3

    Animoca Brands: its investment portfolio valued at $1.5 billion

    Animoca Brands: its investment portfolio valued at $1.5 billion

    The Move-to-Earn StepN suffered numerous DDOS attacks this weekend

    The Move-to-Earn StepN suffered numerous DDOS attacks this weekend

    Axie Infinity (AXS): The fallen king of play to earn doesn’t admit defeat

    Axie Infinity (AXS): The fallen king of play to earn doesn’t admit defeat

    GameFi sector traffic drops 96% from highs

    GameFi sector traffic drops 96% from highs

  • METAVERSE
    MoonPay: high-speed NFT mint finally possible

    MoonPay: high-speed NFT mint finally possible

    The Sandbox X Time Square: a New York City neighborhood enters the metaverse

    The Sandbox X Time Square: a New York City neighborhood enters the metaverse

    Mattel partners with OnChain Studios to launch NFTs on the Flow blockchain

    Mattel partners with OnChain Studios to launch NFTs on the Flow blockchain

    Metaverse-related cryptos rise +400% year-over-year

    Metaverse-related cryptos rise +400% year-over-year

    NFT and The Sandbox: Street art honored in the metaverse

    NFT and The Sandbox: Street art honored in the metaverse

    Kanye West files for trademarks related to NFT and the metaverse

    Kanye West files for trademarks related to NFT and the metaverse

    Ethereum (ETH) Immutable (IMX) layer 2 proposes to host the BAYC metaverse

    Ethereum (ETH) Immutable (IMX) layer 2 proposes to host the BAYC metaverse

    Prada launches into Web3 with its Timecapsule collection accompanied by NFTs

    Prada launches into Web3 with its Timecapsule collection accompanied by NFTs

  • FREE CRYPTOS
  • TUTORIALS
    Web 3.0: better infrastructure needed to stop centralization

    Web 3.0: better infrastructure needed to stop centralization

    Avoiding NFTs scams: how to spot scams

    Avoiding NFTs scams: how to spot scams

    Is buying real estate in the metaverse a wise investment?

    Is buying real estate in the metaverse a wise investment?

    FOMO, the crypto investor’s worst enemy – 10 Rules to fight it

    FOMO, the crypto investor’s worst enemy – 10 Rules to fight it

    Metaverse: understanding these virtual worlds based on blockchain and NFTs

    Metaverse: understanding these virtual worlds based on blockchain and NFTs

    Crypto Investor’s Guide: Building a Balanced Portfolio

    Crypto Investor’s Guide: Building a Balanced Portfolio

No Result
View All Result
CoinsMag
No Result
View All Result

Nexo proposes to buy Celsius assets as the latter is in difficulty

June 15, 2022
in News
Nexo proposes to buy Celsius assets as the latter is in difficulty

As lending platform Celsius finds itself compromised since it shut down its withdrawal, swap and transfer services this morning, direct competitor Nexo has offered to buy back some of its receivables in exchange for a compromise. This comes at a particularly fragile time for the cryptocurrency ecosystem, and it may well be that Celsius will continue to sink.

Nexo is looking to acquire assets held by Celsius

While early this morning the Celsius platform announced that it was pausing its cryptocurrency withdrawal, swap, and transfer services, citing “extreme market conditions,” its direct competitor Nexo has expressed interest in acquiring some of its assets.

“After seeing what appears to be the insolvency of CelsiusNetwork and mindful of the implications for their retail investors and the crypto community, Nexo has made a formal offer to acquire CelsiusNetwork’s qualified assets after their withdrawal freeze.”

Via an open letter (available in the quoted tweet), Nexo is offering Celsius, in broad strokes, to acquire some or all of its incurred claims in exchange for, among other things, its customer database.

At the time of writing, the proposal has been rejected by Celsius, but it will remain valid until June 20.

Alongside its offer, Nexo has claimed that its financial situation is risk-free, hoping to reassure the crypto community in the midst of a strong period of uncertainty. In an interview with our peers at CoinTelegraph, a Nexo representative said that the company was one of the most transparent:

“[Nexo was] the first cryptocurrency lender to publicly disclose its real-time books of account last September, and we have invited all of our competitors and responsible cryptocurrency platforms to follow our lead.”

A decision by Celsius not without consequences

The market reaction to the announcement of Celsius was not long: within half an hour, the price of the CEL token lost more than 75% of its value, from 0.36 to 0.09 dollars. It then recovered slightly, with a current price of $0.2.

Celsius is a platform that consists of generating returns on its customers’ investments. It does this by lending cryptocurrencies to businesses via deposits from its own customers, who are themselves rewarded for lending.

This is a similar model to Nexo or BlockFi, for example. This is also one of the reasons for Nexo’s strategic proposal, which is to distance itself from one of its main competitors.

However, it is a model that is far from being unanimously accepted, especially in the United States. Coinbase was forced to stop offering its lending service in the United States following threats of legal action by the Securities and Exchange Commission (SEC).

Some Twitter users have not failed to compare the recent position of Celsius to the one that preceded the collapse of Terra (LUNA) or the Bitconnect Ponzi scheme, which continues to be talked about more than 5 years later.

ShareTweetPinSendShareSend
Previous Post

From spikes to Consensus 2022, crypto events are on the rise!

Next Post

UST: Binance.US faces a lawsuit over its advertising

Related Posts

PancakeSwap users invited to participate in a decisive vote
BNB Chain

PancakeSwap users invited to participate in a decisive vote

June 27, 2022
68
MoonPay: high-speed NFT mint finally possible
Metaverse

MoonPay: high-speed NFT mint finally possible

June 27, 2022
189
The Sandbox X Time Square: a New York City neighborhood enters the metaverse
Metaverse

The Sandbox X Time Square: a New York City neighborhood enters the metaverse

June 27, 2022
93

Popular news

  • Bancor (BNT) suspends its protection against impermanent loss in the face of an unprecedented situation

    Bancor (BNT) suspends its protection against impermanent loss in the face of an unprecedented situation

    0 shares
    Share 0 Tweet 0
  • Celsius’ CEL token jumps 1600% in one week, is this a GameStop-style short squeeze?

    0 shares
    Share 0 Tweet 0
  • Binance and Splyt: a new partnership to develop a super app

    0 shares
    Share 0 Tweet 0
  • El Salvador’s President Reassures of Current Bear Market

    0 shares
    Share 0 Tweet 0
  • eBay acquires NFT platform KnownOrigin

    0 shares
    Share 0 Tweet 0

Categories

  • Contact
  • Privacy Policy

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • HOME
  • NEWS
  • BLOCKCHAINS
  • DEFI
  • NFT
  • GAMES
  • METAVERSE
  • FREE CRYPTOS
  • TUTORIALS

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.