Nexo wants to buy the next bankrupt rival

Leading crypto lending service Nexo is initiating a process to acquire its rival Vauld , according to The Block .

Nexo announced on Thursday that it has signed a preliminary letter of intent with Vauld.

It wants to acquire up to 100 percent of the company.

Vauld has suspended all withdrawals, trading and deposits since this Monday.

The crypto lending service was founded in 2018 and is mostly based in India.

At its peak, the service managed nearly $1 billion in assets.

Last month, Nexo offered to take over struggling rival Celsius . But he didn't go into it.

FTX this week initiated the $680 million purchase of BlockFi, another battered crypto lending service.

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