Nexo, a London-based digital assets institution, announced that it intends to fully acquire Singapore-based crypto platform Vauld.

According to Nexo, it has signed an indicative term sheet that grants its a 60-day exclusive exploratory period to complete the due diligence process.

Upon successful completion of the transaction, Nexo aims to reorganise Vauld’s future operations with the aim to accelerate its deeper presence in Asia.

While Nexo aims to provide immediate assistance and alleviate withdrawal limitations put in place on Vauld’s platform, it said that “greater plans for the future are already in the making”.

Nexo will concurrently explore the integration of a wider retail and institutional product range, strong liquidity, legal and regulatory expertise, automation, risk management, and the best business practices.

The aim is not only to protect Vauld’s existing customer base but also to give them access to an improved range of services.

Nexo said that as one of the few companies in a position to help distressed industry participants, it has retained the advisory services of two major Wall Street banks for advice on several acquisitions and liquidity provision options currently underway.

Tatiana Metodieva

Tatiana Metodieva, CFA, Nexo’s Head of Corporate Finance & Investments said,

“We sympathize with all affected by the drastic market downturn. However, difficult times always teach us the importance of business model viability and prudent risk management.

Nexo welcomes a dialogue with investors in all of the prominent digital asset lending platforms on a new and sustainable way forward through its strategic contribution of bespoke corporate governance, improved revenue generation, and optimized operating cost structure.”

Darshan Bathija

Darshan Bathija, CEO of Vauld said,

“Operating under the Nexo umbrella puts us instantly in a position of strength to continue the execution of our fiduciary obligations to our customers and at the same time to execute upon both companies’ ambitious roadmaps, regardless of the market conditions.”