Crypto lender Nexo plans to buy fellow lender Vauld
Cryptocurrency lender Nexo plans to buy fellow lender Vauld, it said on Tuesday, the latest sign of consolidation in the digital currency industry as prices tumble.
Nexo, which is based in New Jersey, United States, said it would buy up to 100% of Vauld and "reorganize its future operations with the aim to accelerate its deeper presence in Asia." It did not say when the deal would close.
Singapore-based Vauld said on Monday that it had suspended withdrawals for its more than 800,000 customers.
Nexo aims to "provide immediate assistance and alleviate withdrawal limitations put in place on Vaulds platform," the statement said.
Nexo did not say how much it planned to pay for Vauld.
Acting as unregulated banks for the crypto world, crypto lenders take in deposits from retail investors, offering deposits as high as 20%, and lend digital tokens to borrowers.
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 in May.
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