Far Fewer Jobs Were Added Than Expected in April
1...
-- Advertisment --
- Advertisement -
Embattled crypto lending platform Vauld one more time gets the period of creditor protection from a Singapore court. The company should come up with a revival plan before Feb. 28.
As reported by Bloomberg on Jan. 17, Vauld has been granted more than a month to close its negotiations with one of two digital-asset fund managers to take over the executive control of the tokens stuck on its platform. Apparently, the Singapore high court was satisfied by the company’s claim that the negotiations have entered to the “advanced stage.”
In July 2022 the platform halted the withdrawals for its 800,000 customers, citing unfavorable market conditions and an unprecedented $200 million worth of withdrawals in under two weeks. In August, it has already been granted a three-month moratorium to come up with a restructuring plan for the business and provide a better outcome for its creditors. Back then the judge denied the company’s request for a six-month protection period, citing concerns that a lengthier moratorium “won’t get adequate supervision and monitoring.”
From the very beginning of the first moratorium, it became known that Nexo, a Swiss-headquartered crypto lender, intended to acquire Vauld with all its assets. However, after Nexo’s own office in Bulgaria has been raided by the prosecutors, Vauld denied any possibility of this deal.
Related: 3AC, Coinflex founders collaborating to raise $25M for new claims trading exchange
That’s not the first time Singapore authorities demonstrate their readiness to let the troubled crypto companies fix their problems. Another major Singapore-based platform, Zipmex, has also been granted a three-month moratorium to sort out liquidity issues in August.
However, the fate of crypto lending in the country remains unclear with Singapore’s central bank proposing banning digital payment token service providers from offering “any credit facility” to consumers, including both fiat and cryptocurrencies.
About the editor
Hey there! I'm proud to be the editor of Pet News 2Day. With a lifetime of experience and a genuine love for animals, I bring a wealth of knowledge and passion to my role.
Experience and Expertise
Animals have always been a central part of my life. I'm not only the owner of a top-notch dog grooming business in, but I also have a diverse and happy family of my own. We have five adorable dogs, six charming cats, a wise old tortoise, four adorable guinea pigs, two bouncy rabbits, and even a lively flock of chickens. Needless to say, my home is a haven for animal love!
Credibility
What sets me apart as a credible editor is my hands-on experience and dedication. Through running my grooming business, I've developed a deep understanding of various dog breeds and their needs. I take pride in delivering exceptional grooming services and ensuring each furry client feels comfortable and cared for.
Commitment to Animal Welfare
But my passion extends beyond my business. Fostering dogs until they find their forever homes is something I'm truly committed to. It's an incredibly rewarding experience, knowing that I'm making a difference in their lives. Additionally, I've volunteered at animal rescue centers across the globe, helping animals in need and gaining a global perspective on animal welfare.
Trusted Source
I believe that my diverse experiences, from running a successful grooming business to fostering and volunteering, make me a credible editor in the field of pet journalism. I strive to provide accurate and informative content, sharing insights into pet ownership, behavior, and care. My genuine love for animals drives me to be a trusted source for pet-related information, and I'm honored to share my knowledge and passion with readers like you.