Is Nexo Acquiring Vauld Soon In A Big Relief To Crypto Community?

Source : coingape.com

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With the crypto community is all eyes for the next update from Vauld management, there could finally be a solution. Although there was no update from the team in the last 24 hours, the situation appears to be heading for an acquisition.

Nexo To Buy Vauld?

In a latest development, Nexo is looking to acquire Vauld in the context of the halted transactions. Nexo, the crypto lending platform, is likely to buy 100% stakes in Vauld.

According Shibilia, a crypto enthusiast, Nexo announced its plans to buy the troubled crypto platform.

“Crypto lending platform Nexo has announced that it has started a process to buy Vauld, which has stopped withdrawals.”

On Mondy, Vauld, the crypto lender based in Singapore and India, said it was going through a financial crisis. It cited volatility in the market for the financial challenges, which also badly impacted its business partners. The current market climate led to a significant amount of customer withdrawals, it explained.

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What This Means To Vauld Users?

Although the exact terms of the potential deal are yet to be announced from either sides, this could possibly mean a big relief to the users. However, whether the deal could stop individual users from withdrawing funds will be interesting to look at as crypto market goes through tough times.

Also, the question would also arise about the time taken to finalize and close the Nexo-Vauld acquisition.

In its announcement on Monday, the Vauld management said it was exploring and analyzing all possible options. Our management remains fully committed to working with our financial and legal advisors for the best outcome, it said.

The possible options included potential restructuring options that could best protect the interests of Vauld’s stakeholders, it added. More importantly, Vauld Chief Executive Officer Darshan Bathija indicated that they were also exploring potential investment options. “We are currently in discussions with potential investors into the Vauld group of companies,” it said.

Anvesh reports major developments around crypto adoption and price analysis. Having been associated with the industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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