Nexo, one of the larger crypto-lending platforms, has agreed in principle to acquire Singapore-based crypto services firm Vauld, the latest of a spate of deals as the market consolidates in the wake of a brutal downturn.

Financial terms of the acquisition weren’t disclosed. Nexo signed a term sheet that gives it a 60-day window to finalise the acquisition. The company said it plans to buy the whole company and to expand its operations in Asia.