The largest cryptocurrency lender, Nexo, is interested in buying the Singaporean exchange for digital assets, Vauld.
Nexo and Vauld reportedly agreed to a 60-day exclusive exploring period centered on the latter’s potential acquisition. If the deal is successful, Nexo might end up owning the entire platform.
The current bear market has had a tremendous impact on Vauld. It said last month that 30% of its whole personnel would be let go, and earlier this week, it suspended transactions and withdrawals on its platform.
Working together with Nexo could help the exchange’s problems and guarantee the safety of its user base. Speaking on the matter was Darshan Bathija – Vauld’s Co-Founder and CEO:
“Operating under the Nexo brand puts us immediately in a position of strength to continue the execution of our fiduciary commitments to our customers and at the same time to execute upon both firms’ ambitious roadmaps, independent of the market conditions,” the company said.
Tatiana Metodieva, Head of Corporate Finance & Investments at Nexo, asserted that the industry’s major companies will weather the storm because they have “competitive strength, discipline, and uncompromising obligation to clients.”
She added that Nexo sympathizes with all businesses that have been impacted by the current market slump and are prepared to have a conversation with them to improve their operations and help them get through the difficult time.
