Crypto lender Nexo signed a term sheet with Vauld that could potentially result in Nexo buying 100% of the Singapore-based company, news organizations including The Block reported Tuesday.
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London-based Nexo will begin due diligence, and plans to acquire up to 100% of the troubled firm, the report said.
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Vauld suspended all withdrawals, trading and deposits on its platform as it looks at restructuring options, CoinDesk reported on Monday.
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Nexo said it is the only company looking at Vauld.
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“We have to see what exactly is on their books and it’s going to take a little while,” Nexo co-founder Antoni Trenchev told The Block. “But since we have the exclusive exploratory period, we are the only ones looking at them right now.”
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Vauld is exploring potential restructuring options as a means of navigating the challenges it faces, it said in a blog post on Monday.
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On June 23, Coindesk reported that Nexo said it was working with banking giant Citigroup (C) as it pursues a consolidation of other crypto lenders hit by the recent market downturn.
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