(Bloomberg) -- Vauld, the Singapore-based crypto lender that announced a freeze on withdrawals on Monday, said it has signed a tentative agreement to be acquired by rival Nexo. 

“We are working tirelessly to ensure your financials are protected,” Vauld Chief Executive Officer Darshan Bathija said in a tweet on Tuesday. “To that end, we’ve signed an indicative term sheet with @Nexo to acquire up to 100% of Vauld.”

Vauld became the latest among several crypto lenders to resort to emergency measures to stay afloat after a $2 trillion digital-asset market rout sapped their finances. That’s produced an opportunity for better-capitalized companies like billionaire Sam Bankman-Fried’s FTX to swoop in and buy assets on the cheap. 

Read more: FTX US Signs Option to Buy BlockFi in Crypto Sector Shakeup

Bathija didn’t immediately return calls seeking comment. The Block earlier reported that Nexo was in the process of potentially acquiring Vauld, citing Nexo co-founder Antoni Trenchev. A spokesperson for Nexo confirmed the discussions. 

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