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Nexo Signs Term Sheet With Vauld for Potential Acquisition

Nexo said it has a 60-day exclusive due diligence period in which to decide whether it will buy up to 100% of Singapore-based Vauld.

By Greg Ahlstrand, Jamie Crawley

Updated May 11, 2023, 5:42 p.m. Published Jul 5, 2022, 10:34 a.m.

Nexo is looking at buying Vauld. (Ozgur Coskun/Shutterstock)

Crypto lender Nexo signed a term sheet with Vauld that could result in Nexo buying 100% of the Singapore-based company.

Pending due diligence, Nexo will acquire up to 100% of the troubled firm, it said in an emailed announcement Tuesday.
Nexo aims to use the acquisition to accelerate its presence in Asia. Vauld is based in Singapore, with most of its team located in India.
Vauld suspended all withdrawals, trading and deposits on its platform as it looks at restructuring options, CoinDesk reported on Monday. Last month, Vauld said it would lay off 30% of its staff.
The struggling company is not the first to find itself in Nexo's crosshairs as the market downturn and knock-on effects of Three Arrows Capital's woes hit the industry. In June, Nexo expressed interest in buying some assets from rival Celsius after the lending platform said it was freezing withdrawals and transfers because of extreme market conditions.
On June 23, CoinDesk reported that Nexo said it was working with banking giant Citigroup (C) as it pursues a consolidation of other crypto lenders hit by the recent market downturn.
The agreement with Vauld was reported earlier by The Block.

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UPDATE (July 5, 11:33 UTC): Removes 'Report' from headline and links to The Block's report; adds earlier Celsius approach.

UPDATE (July 5, 13:11 UTC): Removes London as Nexo's base.

Nexo Vauld Acquisitions

Greg Ahlstrand

Originally from California, I've been Asia-based since 1999, headquartered in Hong Kong and Jakarta and traveling throughout the Asean countries, Japan, Korea, the Chinese mainland and Taiwan for stories. Made Australia a couple of times, too.

I started my journalism career as a news assistant at the Fresno Bee in Central California while studying the subject in school after the Navy. I went from launching and recovering helicopters on flight decks at sea to recovering papers fresh off the printer in the Bee's basement and launching them onto the editors' desks, whose editors had long since gone home for the night. Eventually, they let me stop delivering the paper and start writing stuff in it. My first beat was night cops: liquor store robberies, gang shootings, fatal car crashes (almost always alcohol related). It was an education.

I am, as implied above, a U.S. Navy veteran. I served in seagoing helicopter squadrons as an aviation anti-submarine warfare technician throughout the Asia Pacific region and the Indian Ocean. I have a significant number of sailor stories to tell. I have no significant crypto holdings.

Among my hobbies are welding, building stuff, home remodelling, (or knocking a house down and starting from scratch if it's too far gone to fix), riding horses and rebuilding old tractors. So far I've done a Ford 8N and a Ford 9N. It's slow going, because I live in Hong Kong and the tractors are in California, so I only get to work on them once or twice a year, for a week or two at a time - and that was before covid.

I love my Lab, Cooper, whom my neighbors asked me to adopt two years ago when they moved back to Shanghai from Hong Kong. Cooper and I actually planned the whole thing -- we've known each other almost his whole life -- but his first parents are unaware of the conspiracy; and they send him Christmas presents every year.

Jamie Crawley

Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.