Due to unfavorable market conditions, many crypto-focused companies have started to suspend withdrawals. Finally, Singapore-based cryptocurrency exchange Vauld announced that it had suspended withdrawals. This time following this announcement, crypto lender Nexo has potentially started a process to acquire Vauld.
big exclusive: @Nexo has signed an indicative term sheet with rival crypto lender @VauldOfficial
Nexo will begin due diligence and plans to acquire up to 100% of Vauld https://t.co/mDR6ViXUys
— Yogita Khatri (@Yogita_Khatri5) July 5, 2022
London-based crypto firm Nexo will begin due diligence and plans to acquire up to 100 percent of Vauld after it abruptly halted customer withdrawals.
Trenchev said Nexo might restructure Vauld depending on how the due diligence process is going. If Vauld has some assets that he has staked for longer or has made long-term investments, Nexo can take them and provide instant liquidity.
On the other hand, Trenchev said that if assets are lost, Nexo could potentially replenish its assets if it makes sense.
