After FTX, Nexo is now using the bankruptcy wave of crypto lending platforms to take over cheap rivals. It wants to swallow Vauld.
- Leading crypto lending service Nexo is initiating a process to acquire its rival Vauld , according to The Block .
- Nexo announced on Thursday that it has signed a preliminary letter of intent with Vauld.
- It wants to acquire up to 100 percent of the company.
- Vauld has suspended all withdrawals, trading and deposits since this Monday.
- The crypto lending service was founded in 2018 and is mostly based in India.
- At its peak, the service managed nearly $1 billion in assets.
- Last month, Nexo offered to take over struggling rival Celsius . But he didn’t go into it.
- FTX this week initiated the $680 million purchase of BlockFi, another battered crypto lending service.