Crypto lender Nexo is considering acquisition of Singapore-headquartered competitor Vauld, Reuters reports.
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The company reportedly wants to buy up to 100% of Vauld and "reorganize its future operations with the aim to accelerate its deeper presence in Asia." However, financial terms of the deal remain unclear.
Backed by Peter Thiel-backed Valar Ventures, Coinbase Ventures and Pantera Capital, Vauld earlier raised about $25 million. That funding, however, did not help much as the company previously laid off about 30% and suspended services, citing financial challenges.
Vauld's head Darshan Bathija said that financial difficulties of the company's "key business partners" also affected its business. He declined to name the partners' name though.
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