London-based crypto lender Nexo plans to buy fellow lender Vauld

Cryptocurrency lender Nexo plans to buy fellow lender Vauld, it said on Tuesday, the latest sign of consolidation in the digital currency industry as prices tumble.

Nexo, which is based in London, said it would buy up to 100% of Vauld and "reorganize its future operations with the aim to accelerate its deeper presence in Asia." It did not say when the deal would close.

Singapore-based Vauld said on Monday that it had suspended withdrawals for its more than 800,000 customers.

Nexo aims to "provide immediate assistance and alleviate withdrawal limitations put in place on Vauld’s platform," the statement said.

Nexo did not say