Is Nexo Acquiring Vauld As Lender Seeks To Resolve Crisis?

With the crypto community is all eyes for the next update from Vauld management, there could finally be a solution. Although there was no update from the team in the last 24 hours, the situation appears to be heading for an acquisition.

Nexo To Buy Vauld?

In a latest development, Nexo is looking to acquire Vauld in the context of the halted transactions. Nexo, the crypto lending platform, is said to be interesting in acquiring 100% stakes in Vauld.

According Shibilia, a crypto enthusiast, Nexo announced its plans to buy the troubled crypto platform.

“Crypto lending platform Nexo has announced that it has started a process to buy Vauld, which has stopped withdrawals.”

On Mondy, Vauld, the crypto lender based in Singapore and India, said it was going through a financial crisis. It cited volatility in the market for the financial challenges, which also badly impacted its business partners. The current market climate led to a significant amount of customer withdrawals, it explained.

What This Means To Nexo Users?

Although the exact terms of the potential deal are yet to be announced from either sides, this could possibly mean a big relief to the users. However, whether the deal could stop individual users from withdrawing funds remains to be seen as crypto market goes through tough times.

The post Is Nexo Acquiring Vauld As Lender Seeks To Resolve Crisis? appeared first on CoinGape.