The Singaporean cryptocurrency lender Vauld may be bought by the leading cryptocurrency lender Nexo (NEXO).
Vauld CEO Darshan Bathija revealed the news today, noting that Nexo has signed an “indicative term sheet” to acquire “up to 100 percent of Vauld.”
The CEO continued, The approval of this deal is dependent on the completion of due diligence, which both teams are doing as we speak.
According to Bathija, the firm is “working ceaselessly to guarantee [users’] financials are safeguarded” since many “customers are anxious about” their money.
He explained that Vauld has worked to provide long-term value to clients, and we think joining Nexo will benefit.
Nexo co-founder Antoni Trenchev said It will take some time before we can determine precisely what is on their books. […] Due to the [60-day] exclusive exploration period, we are the only ones now examining them.”
Vauld has “great traction in India and Southeast Asia, which are critical markets for us,” according to the co-founder. Trenchev said that Nexo is investigating if it can restructure or refinance Vauld “such that it is once again operational and profitable under the Nexo umbrella.”
Vauld, which is backed by Coinbase and other significant investors, stated yesterday that it has ceased all withdrawals, deposits, and trading due to “financial issues” under persistently negative market circumstances.
Vauld, which was founded in 2018, is supported by Coinbase’s venture arm, Pantera Capital, Valar Ventures, CMT Digital, Gumi Cryptos, Compound Labs founder Robert Leshner, and Cadenza Capital. It has its headquarters in Singapore, however, the majority of its employees are located in India. Vauld revealed at the end of June that it had laid off 30 percent of its workers.
Meanwhile, in mid-June, the United Kingdom-based Nexo made an offer for Celsius Network (CEL) assets, which allegedly fell through.
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