The centralized lending and borrowing platform Nexo is “An “indicator term sheet” for the potential acquisition of Vauld.
Ann Indicator term sheet A non-binding contract that establishes business terms between the proposer and the borrower.
In this case, Nexo has an exclusive two-month period to perform due diligence to acquire 100% of the company. In a press release, Nexo said that completing this phase would reorganize Vauld and increase its presence in the Southeast Asian market.
“Nexo 60-day exclusive search period Until satisfactory results are obtained in connection with Vauld’s intended acquisition The due diligence process has started. “
Vauld says it protects the interests of its users
On July 4, Vauld’s management said the “unstable market conditions” forced the platform to immediately suspend withdrawals, transactions and deposits.
We also received the help of financial and legal counsel to provide lawyers.
In both the statement and social media, Vauld CEO Darshan Bathija reiterated his intention to protect the interests of Vauld users and stakeholders during this difficult time.
“We are confident that with the advice of our financial and legal advisors, we will be able to reach a solution that best protects the interests of Vauld’s customers and stakeholders.”
Nexo step in
The bear market is topped by total market capitalization outflows $ 1.296 trillion Since the beginning of 2022. In cruel situations, many crypto platforms are struggling under pressure.
However, Nexo’s conservative approach to risk management puts the company well in the midst of market turmoil. Tatiana Metodieva, Head of Corporate Finance and Investment at Nexo, said it would help companies like Nexo navigate the crypto industry from the current crisis.
“We sympathize with everyone affected by the sharp market downturn, but difficult. The times always teach us the feasibility of business models and the importance of cautious risk. management. “
Bathija responded positively to Nexo’s approach, saying that the contract would allow his company to fulfill fiduciary security to its users and open a new chapter in Vauld’s future.
“”Working under the umbrella of Nexo, we can instantly gain the following strengths: Continue to fulfill fiduciary duty to our customers and at the same time Time to execute the ambitious roadmap of both companies, regardless of market conditions. “
On June 13, when Celsius announced a liquidity issue, Nexo offered to buy the company’s assets. This is a transaction that Celsius declined.
