Crypto lender Nexo is working with banking giant Citigroup as it seeks to acquire other crypto lenders affected by the recent market downturn.

Nexo hires Citigroup

Nexo said in a blog post that it is now getting advice on how best to acquire the assets of crypto companies from Citigroup. According to the release, Nexo intends to consolidate the cryptocurrency market through mergers and acquisitions significantly.

The company claimed in the blog post that because it has continuously operated a sustainable business model without engaging in dangerous lending methods, it now holds a position of “unmatched stability” and is thus ideally positioned to step in and support floundering companies.

The firm wants to acquire Celsius

In a previous statement on June 13, Nexo stated that it intended to acquire Celsius, including the assets that were “primarily or wholly of collateralized loan receivables covered by equivalent collateral assets.” And notably, Celsius hired Citigroup last week after deciding to halt withdrawals and transfers to consult with the company on potential funding.

A week after freezing withdrawals, cryptocurrency lender Celsius, which oversees billions of dollars worth of client assets and provides double-digit yields to retail investors, said on its blog that it is attempting to resolve what it refers to as operational and liquidity issues.