Crypto lending company, Nexo Offers to Acquire Troubled Vault Company

Crypto lending company, Nexo Offers to Acquire Troubled Vault Company
Crypto lending company Nexo has volunteered to buy rival crypto lending company Vauld. Vauld himself on Tuesday, July 5, 2022 announced to suspend withdrawals and deposits on the grounds that he was exploring potential restructuring options. Nexo said on Tuesday it had signed a term sheet with Vauld providing 60 days of exclusive talks to explore acquiring all of the company's equity. If successful, Nexo said it plans to restructure the company and pursue expansion in Southeast Asia and India. Asked how much Nexo was willing to pay for Vauld, Nexo co-founder Antoni Trenchev said it was "premature" to talk about valuations at this stage. However, he added he was "optimistic" about reaching a deal. “We are starting due diligence. We have a 60 day exclusivity window in which they will open the book. You will see everything. Is there a hole? How big is the hole? Where are the assets? Who are the partners?” said Trenchev, quoted from CNBC, Wednesday (6/7/2022). Nexo pre…

Post a Comment