Nexo Denies Termination of Vauld Acquisition, Submits New Proposal for Acquisition to Vauld's Creditors

Nexo denied the report which said it had terminated the potential acquisition of Vauld, and has submitted a new proposal for acquisition to Vauld's creditors, Decrypt reports.

Previously, Darshan Bathija, founder and CEO of Vauld, said in an email sent to the company's creditors that its discussions with Nexo have not come to fruition, and it has sought a mutual agreement with Nexo to terminate the existing exclusivity arrangement. However, Nexo said it didn't agree to terminate the exclusivity. Nexo's managing partner Kalin Metodiev said, "Nexo has not given up on its attempt to save Vauld and help its creditors recover the maximum possible platform funds."

It's reported that Nexo has sent Vauld's creditors an open letter and a final amended proposal for acquisition. It intended to acquire Vauld's customer base, all cryptocurrency owned by Vauld, and all cryptocurrency attributable to Vauld’s clients, as well as all liabilities arising out of the ownership of the acquired assets. All customers will be able to borrow, earn, and exchange against the digital assets allocated in their new accounts, effective immediately.