Antoni Trenchev, the co-founder and managing partner of crypto lending platform Nexo, has likened the current crypto crash to the Panic of 1907—the first global financial crisis of the 20th century, during which wealthy Wall Street institutions were forced to come to the rescue of their struggling peers.

“This reminds me, quite frankly, of the 1907 bank panic where JP Morgan was forced to step in with his own funds and then rally all those guys that were solvent to fix the situation,” Trenchev told Bloomberg TV on Friday. “That was pre-Federal Reserve, so there was no lender of last resort.”

He added that “the situation right now is very similar” to those events, emphasizing that the firm is committed to being part of the solution that will result in a consolidation of the broader crypto space.

While declining to comment on the “ongoing processes,” Trenchev revealed that Nexo has been approached by three “household” Wall Street banks that “are looking to leverage their expertise with the ones that are solvent to help remedy the overall situation.” He added that the crypto space is heading towards, “acquisitions and a consolidation of the space.”

Earlier this week, Nexo came up with an offer to acquire “certain remaining qualifying assets” of its struggling rival Celsius, whose sudden move to freeze withdrawals played a significant part in the ensuing market decline.

Until today, neither side had provided further comment on the matter, however, Trenchev now stated that Nexo’s plan is to help “remedy the situation for the entire…

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