- Nexo wrote an open letter to Vauld’s creditors amid diverse opinions over the acquisition approach.
- Crypto lender Vauld has until January 20 to complete its restructuring plan.
A Singapore-based crypto lender Vauld announced on December 26 that the July acquisition agreement between Vauld and its rival Nexo had “not come to fruition.” In response, Nexo stated today that discussions were ongoing and that it was still hoping to close the deal. However, Vauld has until January 20 to complete its restructuring plan.
Since June 12, when the decline in the cryptocurrency markets started to gain momentum, Vauld has witnessed withdrawals totaling over $198 million. After that, Vauld halted all withdrawals, trading, and deposits on its platform and filed for creditor protection in July. Also, it has filed creditor protection in the same month, which has time until Jan 20, 2023.
Following that, the cryptocurrency lender Nexo offers acquisition to save Vauld. Several months after the two parties initially agreed to consider the transaction. Now the Singapore-based company said that rival Nexo’s planned ‘acquisition has been canceled.’ Vauld has less than a month to develop a restructuring plan.
However, According to Coindesk’s report, Nexo is in the procedure of buying Vauld. Further, the crypto lender Nexo wrote an open letter to Vauld’s creditors that was issued on Monday amid diverse opinions over the acquisition approach.