Vauld, a Singapore-based cryptocurrency exchange operating in India, announced that it had stopped withdrawals recently, affected by the bad trend in the market. Nexo, which offers crypto loan services, stated that it wants to buy Vauld.
Vauld Name Came from Nexo
London-based Nexo said it will begin due diligence and plans to acquire 100 percent of Vauld. Nexo has announced that it has initiated a process to potentially acquire Vauld.
According to The Block’s report, Nexo plans to buy 100 percent of the Singapore-based company. Saying that it has signed an indicative preliminary contract with Vauld, Nexo has set a special 60-day discovery period to conduct due diligence.
Antoni Trenchev, co-founder of Nexo, made the following statements in an interview with The Block:
We need to see exactly what happens, and it will take some time. But since we have the special period of discovery, we are the only ones looking at them right now.
Trenchev stated that Nexo may restructure or refinance Vauld depending on how the due diligence process is going. Trenchev also added that Vauld has a large ecosystem in India and Southeast Asia.
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