Cryptocurrency lender Vauld has officially canceled its potential acquisition by rival Nexo — a transaction that was initially announced five months ago. After the initial agreement to explore the merger and less than a month before the Singapore-based Vauld had to present a restructuring plan, the talks have now reportedly stalled.

What Happened: Negotiations are still ongoing, despite earlier talks of a potential acquisition by Nexo falling through, CoinDesk reported, based on a person familiar with the talks. For the deal to be canceled, both parties must agree, which is yet to happen.

“We were previously exploring a potential acquisition by Nexo as part of the proposed restructuring plan,” Vauld told CoinDesk in a private message on Twitter. “To provide a very brief summary, our discussions with Nexo have unfortunately not come to fruition."

See More: Best Crypto Day Trading Strategies

“Nexo has not given up on its attempt to save Vauld and help its creditors recover the maximum possible platform funds," co-founder and managing partner Kalin Metodiev was quoted as saying.

Vauld and Nexo didn't respond to Benzinga’s request to comment at press time.
Read Next: Bitcoin, Ethereum, Dogecoin Trade Muted Amid Holiday Lull: Analyst On What To Expect As New Year Approaches