Journalists learned about the acquisition of Nexo cryptolending platform Vauld

Journalists learned about the acquisition of Nexo cryptolending platform Vauld

Nexo cryptolending platform and its competitor Vauld signed a preliminary agreement on the sale of the latter. This was reported by The Block.

The day earlier supported by Peter Tilel, the startup announced a possible Vauld restructuring. The platform suspended operations for trade, withdrawal and deposit of funds.

Management explained the decision by financial Mexican director difficulties due to adverse situation, as well as the influence of counterparty problems and outflow of liquidity.

To implement the initiative, the startup hired Kroll Pte Limited as a financial consultant, as well as law firms Cyril Amarchand Mangaldas and Rajah & Tann Singapore.

The Agreement with Nexo involves the sale of up to 100% of the share in the problem company in the case of a positive outcome of Due Diligence, which is allocated for 60 days. In addition to restructuring, the option of refinancing is possible if this is the economic meaning.

“We are the only potential buyers. We need to see their balance “, – said co -founder and CEO Nexo Anthony Trenchev.

The top manager explained the interest in Vauld by its “popularity in the priority for the company of India and Southeast Asia markets”.

Sources said that “the hole in the balance sheet can be from $ 50 million to $ 100 million”.

On July 5, it also became known about the temporary introduction of limits to withdraw funds in the amount of $ 5000 per day by the Coinloan platform due to “market conditions”. Customer funds remain safe.

Project representatives said that the situation is related to the problems of other industry participants, since its policy prohibits investment in “risky activities”.

Recall, Trevenchev compared the crisis on the crypto with banking panic of 1907.

Nexo previously announced the readiness to buy a loan portfolio from its competitor – Celsius. The proposal acted until June 20. The platform also made attempts to cooperate with Three Arrows Capital shortly before the bankruptcy of the hedge fund.

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