Nexo announces purchase of cryptocurrency platform Vauld
The head of the company, Antoni Trenchev, noted that the interest in the site was due to its popularity in India and Southeast Asia
05.07.2022 - 12:40
1198
2 min
0
What’s new? Representatives of cryptocurrency lender Nexo announced the purchase of the Vauld lending platform, which had previously frozen customer funds. The parties signed a preliminary term sheet with a plan to acquire up to 100 percent of the shares, The Block reports. According to the term sheet, Nexo is given a 60-day exclusive introductory period during which it will conduct due diligence on Vauld.
Information on The Block's website
Nexo's comments. Nexo co-founder Antoni Trenchev said the company could restructure or refinance Vauld, depending on how the due diligence goes. According to him, if Vauld has assets or investments staked for a longer period, Nexo could take them and provide liquidity instantly.
Trenchev explained that the interest in Vauld is due to “huge traction in India and Southeast Asia, which are important markets” for Nexo. He added:
“We have to view it in the overall context of if we step in, can we restructure the business so that it is functioning again, so that it is profitable within the Nexo umbrella, which as a company is profitable and whether we can accumulate that.”
Nexo had previously intended to buy the assets of the Celsius platform, which had also suspended customer withdrawals, but the offer was rejected.
What is known about Vauld? It is a digital asset platform founded in 2018 by Sanju Soni Kurian and Darshan Bathija in Singapore. Most of the project team is based in India. The platform provides trading, lending and credit functions. At its peak, Vauld had about $1 billion in assets under management.
What is known about Nexo? It is a blockchain-based platform that offers loans in fiat and stablecoins against cryptocurrencies such as BTC, ETH, LTC or XRP. In April 2022, the company teamed up with Mastercard to launch the world's first cryptocurrency-backed payment card.
Useful material?
Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024
Mining
The Deputy Energy Minister explained that in deficit regions, it is impossible to allocate large capacities for industry enterprises until 2030
Oct 30, 2024
Market
Customers will also be able to withdraw funds to bank accounts using cards
Oct 30, 2024