Decentralized Finance company, Nexo is set to acquire as much as 100% of ailing cryptocurrency exchange “Vauld”. The London-based cryptocurrency lending company is set to purchase their fellow lenders in a move that wasn’t envisaged by crypto community observers.

This move is coming after Vauld had announced on Wednesday that they were suspending all economic activities on their platform including deposits, trading, and withdrawals. Vauld had cited financial challenges as the reason behind such a disappointing financial decision in the wake of a bitter market downtrend that has hurt cryptocurrency investors worldwide.

Vauld’s spokesperson in a statement at that time had confirmed that they were looking at potential investors and other restructuring options as measures to protect the investments of their customers.

The Chief Executive Officer of Vauld, Darshan Bathija had tweeted earlier today that with the understanding of the anxiety of customers over their funds, Vauld had signed a term sheet with Nexo to sell up to 100% of the company. This tweet was retweeted by the co-founder and managing partner of Nexo, Antoni Trenchev.

The details of the deal have not yet been released to the public although Vauld customer anxiety is still high because of the intricacies and length of time it will take to complete such a takeover. Trenchev told “The Block” (a foremost crypto publication) that the term sheet will grant Nexo a 69-day window to conduct due investigation and diligence.

He also said that pending the outcome of the audit, Nexos may choose to either refinance Vauld or restructure the company. This is not the first time Nexo has offered to bail out an ailing crypto company as they had offered to buy assets owned by Celsius last month. However, Celsius claimed in a tweet on June 13 that the company was alright with its operations due to continuing seamlessly.

Featured image source: Moneycontrol