Cryptocurrency lending platform Nexo and its competitor Vauld have just signed a preliminary agreement to sell the latter, The Block has learned.
The Peter Thiel-backed startup had announced a day earlier a possible restructuring of Vauld. The platform has suspended trading, withdrawal and deposit operations.
The company management attributed the decision to financial difficulties due to unfavorable market conditions, as well as the impact of counterparty problems and liquidity outflow.
In order to implement the initiative, the startup has hired Kroll Pte Limited as a financial advisor, as well as law firms Cyril Amarchand Mangaldas and Rajah & Tann Singapore.
The agreement with Nexo includes the sale of up to 100% stake in the troubled company in the event of a positive due diligence outcome, which takes 60 days.