Nexo Reportedly Mulling Acquisition Of Troubled Crypto Lender Vauld

A day after halting withdrawals, trading, and deposits on its platform, Vauld is reportedly in discussions to sell out to another crypto lender. The firm has reportedly entered into a term sheet with Nexo, pending due diligence.

Reported by CoinDesk earlier this morning, the transaction would see Nexo wholly acquire the crypto lender, as it looks to expand its presence within Asia. Nexo is reportedly looking to go on a buying spree amid the hard times hitting the crypto space, with the firm reportedly looking to buy certain assets of Celsius last month, for which its offer was rejected.

While details on the term sheet are murky, its being stated that a 60-day due diligence period is underway, which Vauld has granted to Nexo on an exclusive basis. A potential transaction price was not provided by the company.

Vauld yesterday announced that it would be halting transactions on its crypto lending platform, which includes the deposit, withdrawal, and trading of funds and currencies. The halt follows over $197.0 million leaving the platform since June 12 amid the downturn in the crypto markets. The move follows the company reducing its headcount by 30% in recent weeks.

Information for this briefing was found via CoinDesk, CNBC and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply