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Crypto Lender Nexo Canvasses Vauld Creditors Directly With Final Takeover Offer
In an open letter, Nexo said earlier offers were misrepresented and it wanted to deal directly with the creditors.
Updated May 9, 2023, 4:05 a.m. Published Dec 27, 2022, 10:22 a.m.
Crypto lender Nexo sent an open letter to creditors of Singapore-based rival Vauld, which it’s seeking to buy, after Vauld said it had suspended all withdrawals, trading and deposits on its platform, filed for creditor protection and was looking at restructuring options.
The letter, sent Monday, comes amid conflicting assessments of the acquisition process. Vauld said earlier in the day that the deal announced in July had “not come to fruition.” Nexo responded by saying talks were continuing and it still hoped to complete the purchase. Vauld has until Jan. 20 to work on a restructuring plan.
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According to the open letter, a copy of which was sent to CoinDesk, Nexo had presented a revised proposal on Dec. 2. It said that the team negotiating the transaction “faced daily challenges, such as receiving slow and incomprehensive financial and legal due diligence information,” and that terms of the deal presented to Vauld creditors were “misleading.”
"The intention of this communication was to create transparency to Vauld’s creditors, where it has been insufficient, regarding the merits of Nexo’s acquisition plan, as well as to contribute final improvements to some of the proposal’s commercial terms based on feedback from Vauld’s community," the letter, signed by Nexo Management, said.
Kroll, Vauld's financial adviser, didn't immediately respond to a request for comment.
Read more: Crypto Lender Vauld Receives Creditor Protection Extension
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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