Nexo to acquire Vauld Exchange
Vauld is one of th crypto exchange and lending platforms that has announced its shut down and halted deposits and withdrawal because of the crash in the market and the majority of funds withdrawn by investors. Its really bad that some of the platforms have to take this decision and they have been providing good services and products to the crypto space. This time bull run stayed for a long and in the same way bear market can also last for a long. Its hard to predict howmuch time it will take to be back on the track and it can be a few months and even a few years because no one knows the next market movement.
Darshan Bathija who is the founder of Vauld exchnage had announced the shut on Twitter and now he also shared a tweet mentioning the acquisition of Vauld by Nexo. I have used Nexo and this is one of the CeFi platforms that provides lending services and they even have their native token called NEXO and this has got a listing in Binance this year. I believe that this is good news for Vauld users and hopefully even after the acquisition by Nexo, the same products and services should continue to provide.
I understand that a lot of our customers are nervous about your funds. We are working tirelessly to ensure your financials are protected. To that end, we’ve signed an indicative term sheet with@Nexo to acquire up to 100% of Vauld," Darshan Bathija, the chief executive officer of Vauld, tweeted earlier today.
Its known truth that crypto is highly volatile and we get to see this type of market scenario quite often. In fact, the bull cycle stays shorter than the bear cycle so such platforms and exchnages should have plan B to manage the survival in the tough times. Not everyone in crypto is for the long term so when things don't do well then they take out their funds this is a common scenario so having a backup plan is surely a necessity.
As of now its just an announcement on Twitter no official details are available but this acquisition is not just good for Vauld Exchange but also for Nexo as well as the users of Vauld Exchange. Their funds are safe as Nexo will take it over and they will be able to use Nexo as well if they like. Some restructural changes might come but despite the changes, things should be good and with this deal, Nexo will have a bigger users bases and more market presence. Probably this way Nexo should be able to capture the Indian market with INR options as India is one of the countries where crypto holding is too low in terms of population and fiat is the need to invest in crypto.
I got to know about another update that FTX is buying blockfi and this is another good news because FTX is a leading exchange and with blockfi will be more valuable and FTX itself has a bigger userbase and expanding so this deal can help them grow further. People like to hold their crypto and earn passive income and this is where such lending platforms are helpful and are getting more attention from investors having long-term goals in crypto.
Thanks for reading.
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It seems NEXO is doing great in terms of its finances. Good that these companies are able to "help" in saving those that are losing during these challenging economic times.
FTX acquiring BlockFi is indeed a good news.
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You are right that with this acquisition Nexo is trying to help many people save their money. Indeed great news of FTX buying blockfi.
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Like know one knows how the market Will play out on a long and also all this exchange should have had a bigger plan or plan b ,this market is too volatile than all this exchange should be rest assured that nothing will happen to their funds
The market is volatile and this happens quite often so not the first time and probably not the last time but crypto is here to stay
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