Connect with us
Active Currencies 14916
Market Cap $2,519,917,711,041.60
Bitcoin Share 51.51%
24h Market Cap Change $-2.72

Nexo, Vauld, and everything latest around the acquisition of the latter

2min Read

Share this article

  • Crypto lender Nexo stated that it was still in talks with Vauld about a possible acquisition.
  • Nexo denied any rumors of the acquisition falling through

Crypto lender Nexo iterated that it was still in talks with troubled rival crypto lender Vauld about a possible acquisition of the Singapore-based company.

Nexo denied reports that its talks about acquiring Vauld  halted. As per a Nexo executive, the firm’s creditor committee, not its former CEO will make the decision about Vauld’s future.

Speculations and doubts around the collapse in negotiations started with an email sent by the Vauld founder and CEO. Darshan Bathija sent an email to the firm’s creditors that discussions with Nexo had unfortunately fallen through.

Vault suspended withdrawals from its platform in early June. The next month, it filed for protection against creditors and lawsuits in a Singapore court. Vauld owed creditors a total of $402 million, including the now-defunct cryptocurrency exchange FTX.

Nexo said that its intention to acquire Vauld shortly after the company’s problems were revealed. Furthermore, both parties agreed to an exclusivity period that is still in effect.

Nexo to acquire Vault’s Assets and Liabilities

“Nexo has not given up on its attempt to save Vauld and help its creditors recover the maximum possible platform funds,” Kalin Metodiev, Nexo managing partner, told Decrypt.

Nexo stated that its transaction team faced daily challenges such as slow and incomplete financial and legal due diligence information and bias from Singapore-based process administrator Kroll.

It also stated that it plans to acquire Vauld’s customer base and crypto assets, along with all the liabilities arising from ownership of the acquired assets.

“As an industry leader we are disappointed to see a handful of people with self-serving agendas trying to highjack the narrative and bar the creditors from making their best decision,” Metodiev added. “We were hoping that the bad actors have mostly departed the blockchain space, but it is obvious that, as a community, we still have work to do.”

 

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.