Bitcoin, the world’s biggest cryptocurrency, is down more than 50% since the start of 2022.
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Beleaguered cryptocurrency lender Vauld has been thrown a lifeline from larger competitor Nexo, in a sign of mounting consolidation in the crypto market.
Nexo said Tuesday it had signed a term sheet with Vauld giving it 60 days of exclusive talks to explore an all-equity acquisition of the company. If successful, 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.
It’s the latest firm to get caught up in the chaos gripping the crypto world lately. In the last month alone, Celsius, another crypto lending firm, put an indefinite pause on withdrawals citing “extreme...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...