Shadine Taufik · · 1 min readLondon-based Nexo may buy troubled Singapore crypto firm
UK-based Nexo has signed a term sheet to purchase the distressed assets of crypto exchange platform Vauld, Blockworks reported.
Earlier this week, Singapore-based Vauld said it was suspending withdrawals, trades, and deposits due to financial difficulties.
Nexo has 60 days to either finalize or end the agreement. In a statement, the company said that once the transaction is completed, it plans “to acquire up to 100% of Vauld and reorganize its future operations with the aim to accelerate its deeper presence in Asia.”
In June, Nexo made a formal offer for the distressed assets of yet another beleaguered crypto lender: US-based Celsius. However, the outcome of the proposal has not been disclosed by the companies.
Founded in 2017 and launched the following year, Nexo was established by Antoni Trenchev, Kosta Kantchev, and Kalin Metodiev. Coinbase-backed Vauld was established by Sanju Sony Kurian and Darshan Bathija in 2018.
See also: First Luna, now Celsius. What’s behind the latest crypto crisis?
Editing by Samreen Ahmad, Joy Tirkey, and Eileen C. Ang
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