Nexo Denies Termination Of Vauld Acquisition

Key Points:

• Nexo announced plans to acquire Vauld immediately after Vauld’s troubles came to light, with the two parties signing an exclusivity period, which, according to the crypto lender, is not over.
• Previously, Darshan Bathija, founder and CEO of Vauld, said that its discussions with Nexo have not come to fruition. However, Nexo said it didn’t agree to terminate the exclusivity.
• It’s reported that the company has sent Vauld’s creditors an open letter and a final amended proposal for acquisition.

According to Decrypt, Nexo has presented a new acquisition bid to Vauld’s creditors and has refuted the report that it has halted the planned acquisition of Vauld.

Vauld’s founder and CEO, Darshan Bathija, had stated in an email to the company’s creditors that talks with Nexo had stalled and that Vauld was seeking a consensual agreement with the crypto lender to end the current exclusivity deal. The company claimed it didn’t consent to end the exclusivity, though.

Nexo’s managing partner Kalin Metodiev said:

“Nexo has not given up on its attempt to save Vauld and help its creditors recover the maximum possible platform funds.”

According to reports, Nexo has written an open letter to Vauld’s creditors and submitted a final, modified acquisition deal. It sought to acquire Vauld’s clientele, all crypto that Vauld owned and that could be attributed to its customers, as well as any liabilities related to the ownership of the assets it had acquired.

Effective immediately, all consumers will be able to borrow against the digital assets assigned to their new accounts, earn interest on them, and trade them for other items.

In a step that is very similar to Chapter 11 bankruptcy under the U.S. Bankruptcy Code, Vauld filed for protection against creditors and lawsuits in a Singapore court at the beginning of June after ceasing withdrawals from its platform. Vauld owed its creditors, including the now-defunct cryptocurrency exchange FTX, a total of $402 million.

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Harold

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