Nexo Continues to Eye Vauld Acquisition

Cryptocurrency lender Nexo denied that communications with restructuring-focused crypto lender Vauld have ended, after multiple reports circulated the media. Vauld, which is based in Singapore, would need to present a restructuring plan to creditors by January 20th and according to Nexo co-founder and managing partner Kalin Metodiev, Nexo “has not given up on its attempt to save Vauld and help its creditors recover the maximum possible platform funds”. Nexo remains “dedicated to offering the creditors the most favorable recovery path forward”.

In July, Vauld suspended all withdrawals, transactions, and deposits on its platform as it explored restructuring options. The company filed for bankruptcy protection in Singapore earlier that month and has until January 20th to work on its restructuring plans. In June, the company announced it would furlough 30% of its workforce as part of this initiative.

Sources:

https://www.coindesk.com/business/2022/12/26/crypto-lender-nexos-potential-acquisition-of-rival-vauld-is-called-off/ 

https://www.bloomberg.com/news/articles/2022-12-26/crypto-lender-nexo-in-talks-on-terms-of-planned-vauld-purchase

https://coingeek.com/vauld-nixes-potential-acquisition-by-industry-rival-nexo/