Crypto lender Nexo signed a term sheet with Vauld that could potentially result in Nexo buying 100% of the Singapore-based company, news organizations including The Block reported Tuesday.

London-based Nexo will begin due diligence, and plans to acquire up to 100% of the troubled firm, the report said.

Vauld suspended all withdrawals, trading and deposits on its platform as it looks at restructuring options, CoinDesk reported on Monday.

Nexo said it is the only company looking at Vauld.

“We have to see what exactly is on their books and it’s going to take a little while,” Nexo co-founder Antoni Trenchev told The Block. “But since we have the exclusive exploratory period, we are the only ones looking at them right now.”

Vauld is exploring potential restructuring options as a means of navigating the challenges it faces, it said in a blog post on Monday.

On June 23, Coindesk reported that Nexo said it was working with banking giant Citigroup (C) as it pursues a consolidation of other crypto lenders hit by the recent market downturn.

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