🌬 It’s A Cold, Cold Winter For Crypto Exchange, Vauld
After downsizing its workforce by 30%, Singapore-based cryptocurrency exchange, Vauld, felt the biggest jolt as it suspended its operations.
Financial challenges amidst the volatile market conditions led to this drastic move.
Vauld, whose employees are mostly based in India, had increased its headcount by 28% over the last 6 months.
Falling prices and trade volumes coupled with tax concerns took a toll because of which the Coinbase-backed company had to lay off 30% of its workforce in marketing, talent acquisition, and other departments last month.
On a brighter note, CEO Darshan Bathija decided to offer 2 months’ salary in severance pay to the affected employees.
A series of other events followed where the firm decided to halve executive compensation, trim marketing expenses, slow down recruitment, and place vendor engagements on hold.
As crypto winter struck, volatility in the cryptocurrency market grew. Consequently, Vauld faced financial challenges and is looking at a potential restructuring.
It has now suspended all deposits and withdrawals with immediate effect, essentially locking in retail investor capital.
It’s Crypto, It’s Bank… It’s Vauld!
Vauld launched over 230 tokens — one of the biggest listing campaigns by any crypto exchange.
It was also along the selected few to support 2 blockchains — Ethereum and Binance Smart Chain (one of the fastest-growing blockchains).
The full-suite crypto platform allowed users to lock their cryptos into fixed deposits at up to 12.68% interest.
Founded in 2018 by Bhatija and Sanju Soni Kurian, the crypto exchange has the backing of Valar Ventures, Pantera Capital, and Coinbase Ventures, among others.
Last July, it had raised $25 Mn in a Series A round. So far, it has raised $27 Mn in venture capital funding.
It also supports trading in Bitcoin, Ethereum, XRP, BAT, XLM, USDT, USDC, BUSD, TUSD, and DAI.
Only investors can attest to how reliable is ‘vauld’.
Too long? Here’s a one-liner: Coin-based backed crypto exchange platform, Vauld suspends operations as a result of financial crunch amidst volatile market conditions.
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