Crypto lending platform Nexo has signed a preliminary contract to acquire rival Vauld. It is stated that Nexo’s goal is to acquire Vauld entirely.
of The Block to the news by, crypto lending platform Nexorival vauld’s after it abruptly stopped withdrawals on Monday and revealed its restructuring plans moved to buy them.
on July 5 Sharing the news exclusively with The Block team, Nexo said that the Singapore-based stock market with a full purchase plan He said they were on their way. Nexo with Vauld signed a pre-contract.
According to the statements, the preliminary contract was given to London-based lender Nexo in order to assess the financial structure of Vauld. It provides a 60-day discovery period.
Antoni Trenchev, co-founder of Nexo, said, “We need to look at the accounting records to understand the financial situation of the company, this will take some time, but thanks to the rights that the preliminary contract gives us We are the only company that can look at the records.He emphasized their advantageous position.
Trenchev, in an interview with The.Block:
We don’t know if we can reinvigorate the company financially. If Vauld has long-term staked resources, we can sell them and liquidate them and turn Vauld into a company operating under the umbrella of Nexo. India and South Asia are important markets for us, we can reach them with Vauld.
said.
Darshan Bathija, CEO of Vauld highly dependent on purchase demand. looking hot. About the process, Bathija said, “Under Nexo, we can reach the necessary strength to compensate for the losses of our shareholders and customers.” commented.
According to the news, during the acquisition process, Vauld withdrawals and all operational transactionsthroughout the purchasing process. He gave the information that he would be frozen.