Nexo, which deals in blockchain-based finance, will be advised by Citigroup on acquisitions in the current tumultuous environment for digital assets, a company blog said.
This comes as Nexo acknowledges the crisis in crypto as the UST stablecoin was de-pegged and the Terra ecosystem fell apart, which all exacerbated the current volatility.
The company cites Three Arrows Capital’s issues too, in which the largest crypto hedge fund has been unable to meet its obligations to various crypto lenders.
Nexo posits that the crypto space is likely to enter “a phase of mass consolidation,” that is already happening for the solvent players. To that end, the company plans to help others out with liquidity where it can.
Nexo has said it plans to work with Citi on acquisitions and liquidity restructuring deals, in order to let investors with blocked assets get back their funds as fast as possible.
“This goes a long way towards restoring trust in the system, and Nexo’s strong financial position allows us to be committed to doing our part in it.”
Nexo says it’s also in talks with various other crypto companies to help with developing a bigger relief plan for the blockchain space.
See also: Nexo, Mastercard, DiPocket Launch Card Backed by a Crypto Credit Line
Nexo has also debuted a cryptocurrency Mastercard for some European markets, according to PYMNTS in an April report.
The company was working with the payments giant as well as eWallet DiPocket, based in London, to give customers access to crypto-powered liquidity.
The card will let users spend without selling their digital assets.
The report says the Nexo Card is linked to a crypto-backed credit line from Nexo with a zero interest rate, letting cardholders use digital assets as collateral rather than selling them — with the credit line using multiple assets as collateral, such as bitcoin, Ethereum and Tether.
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