Nexo offers to buy crypto platform Vauld following “financial challenges”

The day after Singapore-based crypto platform Vauld announced that it would immediately suspend all withdrawals, transactions and deposits, Nexo offered to acquire the problematic platform.

Nexo plans to acquire Vauld

Nexo, a global digital asset institution, has signed Vauld and its indicator termsheets for a 60-day “exploration period” related to Nexo’s acquisition of the company until a satisfactory result of the due diligence process is obtained. Allowed.

Upon successful completion, Nexo says it plans to reorganize its future business with the goal of acquiring up to 100% of Vauld and accelerating its presence in Asia.

In a statement on Monday, Vauld CEO Darshan Bathija said a combination of volatile market conditions, financial difficulties faced by key business partners, and the withdrawal of more than $ 197.7 million customers since June 12. Announced that the company is facing “financial challenges”.

The company was seeking “fitness for potential restructuring options” and immediately stopped all withdrawals, transactions and deposits on the Vauld platform.

“By operating under Nexo, we are in a strong position to continue to fulfill our fiduciary duty to our clients,” said Batya, adding this transaction to both companies roadmap “regardless of market conditions.” You will be able to adhere to the map. ..

“We aim to ease the immediate support and withdrawal restrictions set on Vauld’s platform, but larger plans for the future have already been made,” Nexo said.

The purpose is not only to protect Vauld’s existing customer base as much as possible, but also to provide access to an improved range of services, Nexo adds.

The tough market conditions in the crypto market are affecting many companies. Earlier this week, US-based crypto platform Voyager Digital also stopped all withdrawals, transactions and deposits.