• Crypto lending firm Vauld struggled during the crypto winter of 2022 resulting in it filing for bankruptcy.
• Vauld was granted a three-month creditor protection period by the Singapore court, but the court has now extended this period until February 28th, 2023.
• The extension was requested by Vauld in order to complete negotiations with two digital asset fund managers interested in acquiring its assets.
The crypto space has seen its fair share of ups and downs over the last few years. In 2022, the crypto winter took hold and many companies were left scrambling to make ends meet. Vauld, a crypto lending firm, experienced a particularly difficult time during this period leading to it filing for bankruptcy.
In an effort to help the company, the Singapore court granted Vauld a three-month creditor protection period. This period was designed to give the firm time to explore its options and possibly find a way to continue operating. Unfortunately, the situation did not improve and Vauld requested an extension to the period.
The court has now granted Vauld an extended period of creditor protection until February 28th, 2023. The extra time has been requested by the company in order to allow them to complete negotiations with two digital asset fund managers interested in taking over the remaining Vauld assets. The negotiations have reportedly reached an advanced stage and will require more time to conclude.
Vauld has now been given a much needed lifeline to continue its discussions with the digital asset fund managers and potentially find a way to continue operating. Although the future of the company remains uncertain, the extended period of creditor protection could be the lifeline it needs in order to get back on its feet.