Nexo Starts The Process to Acquire Troubled Crypto Lender Vauld

NEXO on its way to acquire crypto lender.

Nexo has started the process to take over the crypto lender Vauld.

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Nexo has signed an indicative term sheet with Vauld with a plan to acquire up to 100% of the Singapore-based company.

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The term sheet grants London-based Nexo a 60-day exclusive exploratory period in which it will conduct due diligence.

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Trenchev said Nexo could restructure or refinance Vauld depending upon how the due diligence process goes.

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The crypto trading and lending platform suspended all withdrawals, trading, and deposits and hired legal and financial advisors for potential restructuring options.

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Trenchev said Vauld has "huge traction in India and Southeast Asia, which are important markets to us."

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London-based Nexo will begin due diligence and plans to acquire up to 100% of the troubled firm. Client withdrawals will remain halted for now.

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