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Nexo Writes Open Letter to Vauld’s Creditors, Presents Final Proposal

Shortly after Vauld founder and CEO Darshan Bathija sent an email to the firm's creditors yesterday saying that the potential Nexo deal has been called off, Nexo sent an open letter to Vauld's creditors that it is not over yet.

Nexo's final proposal is slightly different from its previous proposal presented earlier this month, which the Vauld CoC rejected, per Bathija's email. Nexo now believes that the final proposal will be accepted by the CoC.

A fundamental change in the final proposal pertains to withdrawals. Specifically, it pertains to key performance indicators, or KPIs, related to withdrawals. Previously, there was a requirement of a turnover of at least 2х the account balance or a minimum trading turnover of $10,000 to withdraw funds. Now those KPIs have been changed to a turnover of at least 5х the account balance and no minimum turnover in absolute terms.

Further, Vauld creditors were previously required to swap at least 20% of the total account balance into Nexo tokens and lock it into a fixed-term deposit of a minimum of $1,000 for at least 12 months. Now, there is no minimum size of the deposit in absolute terms per the final proposal. Most other terms of the two proposals remain the same.

(By Yogita Khatri)

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