Nexo co-founders Antoni Trenchev and Kalin Metodiev insist that the platform is solvent, days after the California Department of Financial Protection (DFPI) and seven other states issued a cease and desist order.
The crypto lender has been the subject of speculation since Celsius and Voyager filed for Chapter 11 bankruptcy following the TerraUSD collapse and the failure of the crypto hedge fund Three Arrows Capital.
Nexo is resilient in a weak market, argue co-founders
Metodiev said, “Unfortunately, we predominantly see the color red on our charts and our computer screens. But it is our firm conviction that it has been on numerous occasions in the past in numerous other market environments.”
He added that the platform has proven its resilience numerous times, explaining, “we had a collateral which was placed on one of the popular Defi platforms against which a loan was obtained by Nexo as an institution so that we can re-lend it…”
Metodiev assured that “It’s business as usual for u
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