Nexo, a crypto lending startup headquartered in London, said it entered into an exclusive agreement to buy up to 100 per cent of Vauld, a Singapore-based lending company that suspended customer withdrawals this week. The acquisition would increase Nexo’s presence in Asia. (The Logic)

Talking point: In a statement, Nexo compared the sector’s credit crunch to a 1907 banking panic in the U.S., when the financial system had too much leverage and no lender of last resort. “Today, it is again in the hands of a few capable and well-capitalized entities to come up with systemic solutions and aid the sector,” the company wrote. Trouble among crypto lenders has sparked consolidation in the sector as some firms look to survive and others seek to prevent further contagion. Last week, U.S.-based BlockFi agreed to sell to FTX after it faced issues meeting withdrawal requests; according to Bloomberg, it also received a bid from Toronto-based Ledn.