Nexo said it plans to not only protect Vauld’s existing customer base but also to give them access to an improved range of services.
See related article: Celsius repays debts, cuts jobs amid bankruptcy fears
Fast facts
- Nexo said it signed an indicative term sheet with Vauld that grants it a 60-day exclusive exploratory period for a potential acquisition of the Singapore-headquartered crypto exchange.
- The London-based cryptocurrency platform plans to acquire up to 100% of Vauld and reorganize its future operations with the aim to accelerate a deeper presence in Asia.
- “I understand that a lot of our customers are nervous about your funds,” Vauld cofounder and chief executive officer Darshan Bhatija said. “We are working tirelessly to ensure your financials are protected.”
- Nexo aims to provide “immediate assistance” and “alleviate” the freeze on withdrawals on Vauld’s platform, Nexo said.
See related article: India’s CoinDCX says it restricted crypto withdrawals
