Crypto lending firm Vauld has rejected a long-standing acquisition offer from its larger competitor, Nexo, according to various reports on Jan. 5.
In a private letter, Vauld co-founder and CEO Darshan Bathija told Nexo that his company would reject a final proposal put forward by Nexo.
Vauld said that Nexo had failed to provide an assessment of its solvency. It also expressed concerns over how Nexo would handle U.S.-based Vauld customers, as Nexo stated in December that it will stop serving the country’s residents. Vauld concluded that Nexo’s revised proposals have failed to assure either matter.
Bathija wrote in the rejection letter:
“We have taken the terms of the Final Nexo Proposal into consideration and further consulted with the [committee of creditors], and we unanimously do not accept your proposal as it stands.”
Nexo’s acquisition offer has been under consideration since last July. Vauld was one of several companies that filed for bankruptcy last summer in the afterm
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