Singapore-based crypto loan provider Vauld could get acquired by major crypto loan provider Nexo (NEXO).
This news was announced by Vauld Chief executive officer Darshan Bathija today, proclaiming that the exchange has signed “an indicative term sheet” with Nexo to purchase “up to 100% of Vauld.”
The Chief executive officer added that,
“The completing this transaction is pending research – which both teams will work on these days.”
Per Bathija, this move may come as the organization is “working tirelessly to make sure [users’] financials are safe,” given that many the “customers are nervous about” their.
He mentioned that,
“Vauld has worked to provide lengthy term value to any or all customers, so we believe coming underneath the Nexo umbrella will considerably help accomplish this.”
Nexo co-founder Antoni Trenchev was quoted through the Block as proclaiming that,
“We need to see what is on their own books and it takes a while. […] Consider we’ve the [60-day] exclusive exploratory period, we’re the only real ones searching their way at this time.”
The co-founder stated that they’re thinking about Vauld since it has “huge traction in India and Southeast Asia, that are important markets to all of us.” Nexo is searching into if they’d like to restructure or refinance Vauld, Trenchev stated, “so that it’s functioning again, that it is lucrative inside the Nexo umbrella.”
The Coinbase along with other major investors-backed Vauld just yesterday announced it had suspended all withdrawals, deposits, and buying and selling citing “financial challenges” among lingering sour market conditions.
Founded in 2018, Vauld is supported by the venture arm of Coinbase, Pantera Capital, Valar Ventures, CMT Digital, Gumi Cryptos, Compound Labs founder Robert Leshner, and Cadenza Capital. It’s headquartered in Singapore with many of their workforce located in India. At the end of June, Vauld announced it has let go 30% of their workforce.
Meanwhile, in mid-June, the United kingdom-based Nexo place in a deal for assets from the troubled Celsius Network (CEL), which apparently fell through.
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Find out more:
– Nexo Eyes Potential M&A Targets as Crypto Market in ‘State of Fear’
– 100º Celsius: Industry Debating Possible Impact, Lenders Reassuring Users, Nexo Offers Help
– Coinbase-Backed Crypto Exchange Vauld is Latest to Pause Withdrawals, Deposits, and Buying and selling
– FTX Chief executive officer: Some Smaller sized Exchanges Are ‘Too Far Gone,’ ‘Insolvent,’ and Unlikely to become ‘Saved’
