London-based Nexo announced Tuesday that it signed off on a term sheet that would allow it to purchase as much as 100 percent of Vauld, expanding its presence in Southeast Asia. Most of Singapore-based Vauld’s staff is based in India.
Nexo, founded in 2017 by Antoni Trenchev, says it manages $15 billion in assets for more than 4 billion users worldwide. Its native token, nexo, plunged to 50 cents in early July from its one-month high of $1.29.
On Monday, Vauld chief executive Darshan Bathija announced that the platform had suspended all withdrawals, trading and deposits for its 800,000 members. He said more than $197.7 million had been withdrawn since June 12 amid a broader industry meltdown, which included the zeroing of TerraUSD’s stablecoin, a freeze in withdrawals by crypto bank Celsius and the crypto-focused hedge fund Three Arrows Capital falling into liquidation.
Bathija said the decision would allow the company — which last month announced it would cut 30 percent of its...
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