Nexo’s CEO Keen on Asia Expansion

Antoni Trenchev has expressed his eagerness to purchase the financially troubled, Singapore-based company, Vauld. He is the chief executive officer of Nexo, a cryptocurrency lender based in Zug, Switzerland.

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According to the news posted online by finance reports source Finews Asia, Trenchev affirmed that any investment they make at Nexo has to make financial sense.

The co-founder of the Swiss financial company remarked that Vauld is interesting for it has considerable traction in Southeast Asia and India.

Hence, he confirmed that they at Nexo are interested in acquiring the Singapore-based firm to deepen their presence in Asia.

Trenchev relayed that Vauld’s management built this company correctly, although unfortunately, the problematic Singapore-based establishment’s difficulties may be attributable to its administrators’ own actions.

He added that Vauld’s administrators had made some unfavorable investment decisions. Nexo has confirmed that it is Vauld’s latest interested buyer.

This Swiss financial firm has begun a 60-day due diligence process on Vauld, per a company statement. This initiative has the possibility of leading to the Singapore-based cryptocurrency lender’s 100-percent buyout.

Nexo’s planned purchase of Vauld happens following the latter’s suspension of deposits, withdrawals, and trading on its platform last Monday, July 5.

Vauld cited that it is discussing with possible investors amid the pressure from its financial problems.

The company’s management affirmed that they reached their present dilemma due to the combination of a spike in withdrawals, significant business partners’ financial troubles, and volatile markets.

They said they had already hired legal and financial advisers to explore restructuring options while intending to apply for a moratorium with Singaporean courts.

We gathered that healthier cryptocurrency companies such as Nexo and Sam Bankman-Fried’s FTX have been purchasing assets at more enticing price levels lately, taking advantage of the present market downswing.

Nexo established a fund, Nexo Ventures, and made it known to the investment public last March. In this deal, US$150 million was intended for the company’s investments in a wide range of early-stage institutional and retail projects.

The Swiss virtual currency lender also announced last month that it was preparing an offer for the Celsius Network. Nonetheless, this agreement with the troubled cryptocurrency lender did not ultimately result in a deal.

We support Nexo’s growth efforts in Asia. We also think this firm’s possible acquisition of troubled crypto-asset lender Vauld will benefit consumers.

After all, the latter will continue to have many choices in their cryptocurrency investing and trading journeys.

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