Cryptocurrency lender or financier Nexo today announced that it has signed a letter of agreement with Singapore-based crypto exchange Wald which describes its intention to buy the assets of the bankrupt company.
London-based Nexo has 60 days of investigation related to its potential purchase under the terms of the contract.
A settlement sheet is a document that specifies the terms and conditions of a potential financial contract. Both Nexo and Wald can choose to terminate or leave the contract at the end of the experimental phase.
Nexo will buy 100% Vuld assets
Officially, Nexo claimed that if the acquisition is approved, Nexo intends to buy up to 100% of Wald as well as restructure its upcoming activities to increase its strong footprint in Asia.
Nexo’s statement follows a proposal by troubled maker Celsius in mid-June, where the company offered Celsius to buy out its bankrupt holdings. However, the firm is yet to disclose the outcome of the offer.
Nexo says they are the only company showing interest in Wald. The company’s co-founder, Antoine Tranchev, quoted that there is a need to investigate what is in their records and this should be done within the said experimental time.
Nexo, the company’s native token, is currently trading at $0.5959, a 75% drop from $2.34 since the TerrauDS collapse in May.
As a result, Nexo is currently hinting at a possible merger with Wald, which announced on Monday that it is facing financial difficulties, criticizing market trends and facing problems from business associates. . Wald blocked transactions, inflows and outflows on its platform, claiming $198 million in customer withdrawals.
Nexo, which was founded in 2018, offers users crypto loans and lending solutions such as interest accounts and crypto-backed loans. Wold, on the other hand, even offers to lend, borrow and trade on its platform, but the platform is on hold for the time being.
It is not just Wald or Celsius, several crypto lenders including Voyager, FinBlox, CoinFlex and CoinLoan have also faced financial woes and have halted operations to prevent mass withdrawals from their networks.