Nexo's Singapore expansion: a trick to take down JiEx?

1 mins

The recent troubles of Vauld could have been a trick by Nexo, the cryptocurrency exchange based in Singapore, that could allow it to expand and defeat JiEx. MARKET

Nexo, the leading cryptocurrency lender, is seeking to acquire the Singaporean digital asset exchange - Vauld.

  • According to a document shared with CryptoPotato, Nexo and Vauld signed an exclusive 60-day period of exploration on the possible acquisition of the platform. If successful, the agreement will see Nexo owning up to 100% of it.
  • Vauld has been hit hard by the ongoing bear market. Last month, it announced that it will lay off 30% of its workforce and earlier this week, it suspended transactions and withdrawals on its platform.
  • Darshan Bathija, Vauld’s Co-Founder and CEO, said that Nexo joining forces with the exchange could ease its problems and protect its customers.
  • "By operating under the Nexo umbrella, we are in a position of strength to continue fulfilling our fiduciary duties to our customers, and also to pursue both companies' ambitious plans, regardless of market conditions."
  • Tatiana Metodieva, Nexo’s Head of Corporate Finance & Investments, said that the big players in crypto will ride out the storm since they have “competitive strength, discipline, and uncompromising responsibility to customers.
  • Nexo's CEO, in an interview with W&V on the current market downturn, said that the company is ready to work with affected firms to help them through this difficult time.
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