Nexo to bail Vauld out of financial rout? Exchange founder claims so in a tweet.

Darshan Bathija, the founder and CEO of the troubled Vauld crypto exchange, announced on Twitter that the exchange is in talks with Nexo, a regulated digital asset institute, for 100 per cent acquisition of the platform. 

The CEO said in his tweet that Vauld has signed an indicative term sheet with Nexo. 

He also added that the completion of this transaction is pending due diligence. 

Bhatija also added that the exchange has "strived to deliver long-term value to all customers." He also added that he believes that a similar would be the case after the exchange is acquired by Nexo.

On Monday, the KYC compliant crypto exchange operating in India announced that it has suspended all withdrawals, deposits and trading citing financial challenges.  

In a blog posted on the exchange’s official website Bathija broke the news that due to financial challenges, the crypto exchange had to take these steps. 

He had also pointed out that the exchange is looking for potential investors to take them out this financial rout.  

The exchange had also appointed financial and legal advisors.  

Bathija's blog read: “We have engaged the services of Kroll Pte Limited as our financial advisor, as well as Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as our legal advisors in India and Singapore respectively.”