EXCLUSIVE: Nexo starts process to potentially acquire troubled crypto lender Vauld By Yogita_Khatri5
London-based Nexo will begin due diligence and plans to acquire up to 100% of the troubled firm.Crypto lender Nexo has started a process to potentially acquire rival Vauld after the latter abruptly halted customer withdrawals on Monday.
"We have to see what exactly is on their books and it's going to take a little while," Nexo co-founder Antoni Trenchev told The Block in an interview."But since we have the exclusive exploratory period, we are the only ones looking at them right now."on Monday. The crypto trading and lending platform suspended all withdrawals, trading and deposits and hired legal and financial advisors for potential restructuring options.
As to why Nexo is interested in Vauld, Trenchev said Vauld has"huge traction in India and Southeast Asia, which are important markets to us." He declined to comment on how big or small Vauld's balance sheet hole is, but a person with knowledge of the situation told The Block that the hole is worth"mid to high double-digit millions," which is less than $100 million.beleaguered rival Celsius’s assets. The offer was open for a week and lapsed as Celsius was not interested in making a deal.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Vauld halts withdrawals and hires legal and financial advisorsVauld, a Singapore-based crypto trading and lending platform with most of its team in India, has suspended withdrawals.
Read more »
Keys lost in the Vauld: Singapore crypto exchange freezes withdrawalsAdvertisements to hold your own keys just keep coming! Singapore-based crypto exchange Vauld suspends all withdrawals from the platform.
Read more »
Another Crypto Lender Vauld Pauses Withdrawals as Market Crash Takes Its TollVauld is the latest victim of the cryptocurrency price plunge this year that has exposed flaws in a number digital coin projects and business models.
Read more »
Another Crypto Lender Vauld Pauses Withdrawals as Market Crash Takes Its TollVauld is the latest victim of the cryptocurrency price plunge this year that has exposed flaws in a number digital coin projects and business models.
Read more »
Keys lost in the Vauld: Singapore crypto exchange freezes withdrawalsAdvertisements to hold your own keys just keep coming! Singapore-based crypto exchange Vauld suspends all withdrawals from the platform.
Read more »
Vauld halts withdrawals and hires legal and financial advisorsVauld, a Singapore-based crypto trading and lending platform with most of its team in India, has suspended withdrawals.
Read more »