Vauld, the Singapore-based crypto lender that announced a
“We are working tirelessly to ensure your financials are protected,” Vauld CEO Darshan Bathija said in a
Vauld became the latest among several crypto lenders to resort to emergency measures to stay afloat after a $2 trillion digital-asset market rout sapped their finances. The turmoil has produced an opportunity for better-capitalized companies like FTX, owned by the billionaire Sam Bankman-Fried, to swoop in and buy assets on the cheap.
Bathija didn’t immediately return calls seeking comment. The Block earlier
The completion of this transaction is pending due diligence - which both teams are working on as we speak.
— Darshan Bathija (@darshanbathija) July 5, 2022
Vauld has strived to deliver long term value to all customers, and we believe coming under the @Nexo umbrella will significantly help achieve this.
Nexo in June said it was preparing an offer for assets of Celsius Network shortly after Celsius announced a freeze on withdrawals. That offer was open for a week and lapsed after Celsius didn’t want to make a deal, the Block said. Celsius on June 30 said it’s
The speed of the market meltdown has ensnared crypto lenders large and small — with some, like Vauld, freezing withdrawals just weeks after ensuring customers that their business was sound. On June 16, Bathija said on Vauld’s
Regulators are taking note of the crypto industry’s trouble and say they’re moving to bolster guardrails. Hours after Vauld’s announcement on Monday, Singapore’s central bank said it was considering new crypto rules to protect consumers.
“These may include placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies,” Tharman Shanmugaratnam, chairman of the Monetary Authority of Singapore, said in a written response to a question from parliament.
