Crypto lender Nexo offers to buy embattled rival Vauld as market consolidates
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Nexo has signed a term sheet with Vauld giving it 60 days of exclusive talks to explore an all-equity acquisition of the company. Nexo said it plans to restructure the company and pursue an expansion in Southeast Asia and India. Vauld on Monday paused operations and said it was exploring restructuring options due to "financial challenges" posed by a sharp plunge in cryptocurrencies. The Singapore-based company is backed by the likes of Coinbase and Silicon Valley billionaire Peter Thiel. In the last month alone, Celsius, another crypto lending firm, put an indefinite pause on withdrawals citing "extreme market conditions" Three Arrows Capital, a crypto hedge fund, applied for bankruptcy protection days after collapsing into liquidation after collapse into insolvency last week. Source