05 Jul Nexo Might Acquire Distressed Crypto Lender Vauld
The leading cryptocurrency lender – Nexo – is looking to purchase the Singaporean digital asset exchange – Vauld.
According to a document shared with CryptoPotato, Nexo and Vauld signed a 60-day exclusive exploratory period focused on the latter’s possible acquisition. If successful, the agreement will see Nexo owning up to 100% of the platform.
Vauld has been significantly affected by the ongoing bear market. Last month, it said it will dismiss 30% of its total workforce, while earlier this week, it suspended transactions and withdrawals on its platform.
Joining forces with Nexo might ease the exchange’s issues and ensure the protection of its customer base. Speaking on the matter was Darshan Bathija – Vauld’s Co-Founder and CEO:
“Operating under the Nexo umbrella puts us instantly in a position of strength to continue the execution of our fiduciary obligations to our customers and at the same time to execute upon both companies’ ambitious roadmaps, regardless of the market conditions.”
For her part, Tatiana Metodieva – Nexo’s Head of Corporate Finance & Investments – argued that crypto’s big players will navigate their way out of the turbulent times since they possess “competitive strength, discipline, and uncompromising responsibility to customers.”
She also said that Nexo sympathizes with all affected firms due to the current market downturn and is ready to have a dialogue with them to optimize their operations and guide them through the distress.
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