Crypto lender Nexo is exploring the possibility of buying out its competitor

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Cryptocurrency lending platform Nexo, amid a wave of crypto project defaults, is considering the opportunity to take the market share of its Singaporean competitor Vauld.

Nexo blogged that it was consideringopportunity to acquire a crypto lending company headquartered in Singapore - crypto lender Vauld. Nexo and Vauld are planning to finalize the prospects for the deal within 60 days. If the contract is concluded, Nexo will own up to 100% of the platform.

“We need to see what exactly is stated in theirpapers, and it will take some time. But because we have an exclusive research period, we are the only ones exploring the possibility of an acquisition right now,” Nexo co-founder Antoni Trenchev said in an interview.

Vauld co-founder and CEO Darshan Bathija believes that joining forces with Nexo can ease the exchange's challenges and protect its customer base:

“Working under the Nexo umbrella gives us the opportunityWe will continue to fulfill our fiduciary responsibilities to our clients while building ambitious plans for both companies regardless of market conditions.”

Head of Corporate Finance andNexo investments Tatyana Metodieva said that large investors in cryptocurrencies will find a way out of turbulent times because they have “competitive strength, discipline and uncompromising responsibility to clients.” The top manager added that Nexo sympathizes with all companies affected by the current market downturn and is ready to engage in dialogue with them to streamline operations and help them overcome difficulties.

Crypto lender Vauld has been heavily impacted by the bearish trend in the market. It announced in June it would lay off 30% of its staff and this week suspended transactions and withdrawals from its platform.

Rumors about the FTX.US crypto exchange purchasing the BlockFi credit service turned out to be true. At the same time, FTX abandoned its takeover deal for crypto lender Celsius.