Nexo to acquire Vauld

Cryptocurrency lender Nexo plans to buy fellow lender Vauld. Nexo said it would buy up to 100% of Vauld and reorganize its future operations with the aim to accelerate its deeper presence in Asia. Singapore-based Vauld had suspended withdrawals for its more than 800,000 customers.

Nexo aims to provide immediate assistance and alleviate withdrawal limitations put in place on Vauld’s platform. Vauld's CEO Darshan Bathija said that it had $1 billion in assets under management.

Vauld said it was facing financial challenges due to volatile market conditions, the financial difficulties of its key business partners inevitably affecting and customers having withdrawn around $200 million since last month.

Crypto lending has boomed over the last two years but has run aground in recent months following a crash in cryptocurrency prices and the collapse of major token TerraUSD. The U.S. lender Celsius, which had more than $11 billion in assets, stopped allowing customer withdrawals and transfers, citing extreme market conditions. Another lender, Voyager, suspended withdrawals last week.