Nexo, a London-based crypto lending company, plans to acquire fellow lenders and the crypto exchange Vauld. This move took place yesterday after Vauld suspended deposits, withdrawals and transactions on its platform due to financial challenges. In a statement at the time, the company said it was considering all options “including potential restructuring options” to protect the interests of investors.
“I understand that many customers are nervous about your money. We are working tirelessly to ensure that your finances are protected. To that end, @ We have signed a term sheet with Nexo to help us get up to 100% of Vauld, “Vauld CEO Darshan Bathija tweeted today. Founder and managing partner of Nexo.
Details of the deal have not been released, Trenchev told crypto publication The Block, TermSheet reported that it would give London-based companies a 60-day exclusive exploration period to carry out due diligence. .. He also said the company could rebuild Vauld or refinance its platform, depending on the outcome of due diligence.
Vauld has become the latest decentralized finance (DeFi) company to have been hit by the recent downturn in the crypto market. In a statement on July 4, the company said that financial challenges such as unstable market conditions, financial difficulties of major business partners, and withdrawals of more than 197.7 million% since June 12, 2022 were “combination of situations.” According to “. , Terraform Labs’ UST Stablecoin collapse, Celsius Network suspending withdrawal, and Three Arrows Capital defaulting on loans.
With the company’s decision to stop all activity on the platform, many used social media to call on the influential people who first promoted the company. Vauld started as the Bank of Hodlers (BoH) in 2018 and changed its brand name in the second quarter of 2020. According to the roadmap displayed on the company’s website, the platform was planned to be used to issue cards, bank accounts and cross-border payments in the future. .. The company was founded by Singapore-based Batya and Sanju Sony Khleang.
This is not the first time Nexo has tried to rescue a confused crypto company. Last month, the company offered to buy assets owned by the sick crypto lending company Celsius Network. In a tweet on June 13, the company claimed that all products were “working fine.”
“As always, deposits and withdrawals are processed instantly, so everyone can make the necessary arrangements in this latest recession in the market,” the tweet said.
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