News

Nexo Continues To Rescue The Vauld Lending Platform

Cryptocurrency lending company Nexo has begun a comprehensive review process in its acquisition of rival Vauld after the platform abruptly blocked users from withdrawing funds earlier in the week.

According to The Block’s source, Nexo said it has signed a designation with Vauld as part of a plan to buy back up to 100% of the Singapore-based company. The provision gives Nexo 60 days to learn more about Vauld’s internal situation in order to conduct due diligence.

Nexo co-founder and CEO Antoni Trenchev said:


“Our most important task now is verifying whether a Nexo-led overhaul can see the firm thrive again and whether it can be profitable within our business model and company culture.”

In fact, Vauld is facing a lot of financial difficulties, the platform has announced to stop all withdrawals, transactions, and deposits, and hire legal and financial advisors for the restructuring process. company structure.

Co-founder and CEO Darshan Bathija wrote on the microblogging platform Twitter on Tuesday.

Although Vauld founder Darshan Bathija declined to comment on the loss on the company’s balance sheet at the time of the incident, according to several sources familiar with the matter, Vauld’s loss was around $100 million.

“Operating under the Nexo umbrella puts us instantly in a position of strength to continue the execution of our fiduciary obligations to our customers and at the same time to execute upon both companies’ ambitious roadmaps, regardless of the market conditions.”

Vauld isn’t the only troubled company Nexo has approached. Last month, the platform offered to buy back the assets of the biggest player in the Celsius lending space. The offer was open for a week and lapsed because Celsius was not interested in doing a deal offered by Nexo.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

54 minutes ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

1 hour ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

2 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

3 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

4 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

6 hours ago

This website uses cookies.