Vauld, founded in 2018 by Darshan Bathija and Sanju Kurian, offered a range of services to cryptocurrency investors. It was initially called ‘The Bank of HODLers’.
Crypto Lender, Nexo has potentially stepped in to buy out the failing crypto lending company based from Singapore. According to the reports, Crypto lender Nexo, has signed an indicative term sheet with Vauld. The term sheet has the description about the deal between the two companies. In fact, the plan states that, Nexo will fully acquire Vauld and will also grant Nexo, a 60-day exclusive exploratory period in which it will conduct due diligence. As the agreement is in process, it is said that, the services will remain suspended.
Vauld, a crypto lender backed by Coinbase Inc, said it froze withdrawals and hired advisers to explore a potential restructuring, joining rivals from Celsius Network to Babel Finance in resorting to last-ditch measures to survive the market rout.
The 4-year-old company said uncertain market conditions due to the current market pullback forced the ‘painful’ decision. The 4-year-old startup said uncertain market conditions due to the current market pullback forced it to take the ‘painful’ decision