The term sheet gives London-based Nexo a 60-day exclusive exploratory period to acquire the company.
“The current market conditions are to a large degree reminiscent of the Bank Panic of 1907, characterized by excessive leverage in the system, an overabundance of companies in trouble, and no lender of last resort,” Nexo said in a statement. “Today, it is again in the hands of a few capable and well-capitalized entities to come up with systemic solutions and aid the sector. As one of the few companies in a position to help distressed industry participants, Nexo takes this responsibility with the utmost seriousness.”
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The news shows signs of consolidation in the crypto world following a mass selloff. Cryptocurrency exchange FTX last week announced that it will acquire crypto lender BlockFi for up to $240 million. BlockFi’s acquisition comes at a steep discount for FTX. BlockFi was last valued at $4.5 billion in August, following its Series E fundraising round.
Companies in the crypto space have also faced challenges and are taking other steps to get through the so-called “crypto winter.” Coinbase, for example, slowed down its hiring pace, initiated layoffs and even rescinded accepted job offers. And CoinFlex and Celsius paused customer withdrawals, according to reports. The challenges to the crypto sector mirror some of the issues the tech sector more broadly is facing amid a market downturn.
Singapore-based Vauld, which was founded in 2018 and has raised $27 million in funding, according to Crunchbase data, most recently raising a $25 million Series A led by Valar Ventures.
- Report: FTX Close To Acquiring BlockFi At Steep Discount
- Coinbase Lays Off 18% Of Company Amid Recession Concerns
- Despite Growing Crypto-Corn Numbers, Sector Not Immune To Macro Trends
Illustration: Dom Guzman
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