Representational Image. Photo: AFP
Kochi: London-based cryptocurrency lender Nexo has decided to acquire Vauld, which was under stress due to volatile market conditions. Both parties have entered into an agreement following the decision.
Vauld was a platform which facilitated the purchase and sale of digital virtual currencies. Besides this, the Singapore-based Vauld also extended support for investments and credits, similar to that of banks. A Mavelikkara native Sanju Sony Kurian and his friend Darshan Batija established Vauld in 2018. The company had managed to obtain a capital investment worth Rs 186 crore from several investors, including Peter Thiel, founder of PayPal.
The current unstable crypto market has caused a considerable amount of customer withdrawals. Vauld signed an indicative term sheet with Nexo to ensure the deposits are protected, said CEO Darshan Batija.
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