Sign In
Sign Up
DeFinda Logo
Find & Compare DeFi Products
usd logo USD
Home Blog Platform news in September
Article by Yunis
6 October 2022 (Updated 27 November 2022)

Some crypto platforms are expanding their operations to different fields and extend their services, while others are having trouble in the bear market.

Crypto platforms with a well balanced assets to liabilities ratio are doing good despite a bear market.
Crypto Platform News in September logo
  • Nexo Acquires Stake in US Bank.
  • LEDN increase rates for BTC and USDC saving accounts.
  • Nexo and Ledn have transparent proof of reserves policy.
  • Bankruptcy trials of Celsius Network are held in New York.

Nexo acquires stake in US Bank

Crypto savings & lending platform Nexo recently announced that the company is buying a stake in a US Bank. Nexo claims to be the world’s leading regulated crypto platform with over $4 Billion in assets and taking steps further to strengthen its existence as a regulated crypto finance company in the US.

Nexo is buying stakes in Summit National Bank. The executives from the Summit National Bank stated that the acquisition would empower the bank’s mission to become a modern FinTech bank. Nexo will play an essential role as Summit National Bank’s preferred digital asset partner. Nexo will start providing its digital asset clients with traditional banking services as well. Both parties will benefit from the acquisition as they both have clients with different interests.

To read more about the news, click here. 

Nexo has shown strong strength during the volatile bear market and crashes. Nexo has a policy of real-time attestation to prove that its assets exceed its liabilities at all times. You can read about the company's proof of reserves policy on this page.  

LEDN increase rates

Ledn is a Canadian crypto platform with crypto savings accounts, loans and exchange services. The company announced that the interest rate on Bitcoin and USDC assets went up. BTC savings accounts are subject to tiers. You can get 6.0% APY If you have less than 0.1 BTC, and you can get 2.0% APY if you have more than 0.1 BTC in your balance. USDC saving accounts are not subject to the tier system. All USDC saving accounts will benefit from 8.0% APY. 

Ledn is a digital asset lending company with a proof-of-reserves standard. The company has been working with a certified public accountant and provides insight from its balance sheet every six months. Armanino LLP is a top 25 public accounting firm in States. Armanino LLP regularly observes assets and liabilities and shares a public report every six months.

Proof of reserves is very important. There have been failed crypto exchanges, trades, savings, and loans platforms during the turbulent bear market times because of over-leveraging. The assets to liabilities ratio is a key indicator of how healthy a crypto company is.

Will Celsius Network open withdrawals?

Celsius Network is a crypto lending & savings platform with exchange services. The company has raised more than $800 Million in funding (Crunchbase). Celsius was among the major crypto platforms and played an essential role in the crypto lending and saving industry. But the recent sell-offs and crashes in the market led the company to go bankrupt. Celsius is known as crypto’s Merrill Lynch now. According to the news, over a million people have been affected after the company stopped withdrawals. Customers are not able to receive their funds and savings. 

The company Celsius Network has filed for bankruptcy protection under Chapter 11. The trials are currently being held in New York. Former chief executive officer Alex Mashinsky and chief strategy officer Daniel Leon have resigned this week after the news that top executives withdrew millions before halting withdrawals. 

FTX CEO Sam Bankman-Fried has said that his company FTX paid a fair market price for Voyager’s assets and now looking to do the same for Celsius’s assets. FTX is acting like the last reserve in the market now with its huge reserves.

 

 

 

 

 

 

Important Message Definda does not provide any financial advice. All information is provided for research purposes only. DeFi is a rapidly evolving industry. Most businesses in the sector are very young and it is possible that some of them could go out of business in the future. Such an event could result in the loss of your investment. You should do your own research or consult a financial advisor before investing any money. Please read and satisfy yourself with our terms before continuing to use our website. We offer a free impartial comparison service of savings, loans and other DeFi products. We may receive a small commission from some of the companies listed, but this never influences our rankings. If you spot any errors in the information listed then please contact us at info@definda.com.

Why Compare With Definda?

tick Completely Impartial

We always rank and compare products objectively and impartially.

tick Careful Research

We carefully research products for legitimacy before adding them to the platform.

tick We Never Sell Your Data

We never sell or disclose your data to anyone.

© DeFinda 2022