The extreme downturn in the cryptocurrency market over the past few months has forced Coinbase, Bybit and CryptoCom to cut headcount. Now, Indian trading platform Vauld has joined the league and announced a 30% layoff, including Pantera and Coinbase as investors.
According to corporate communication Available on its website, co-founder and CEO Darshan Batija said the decision to lay off staff was made last Friday (June 17) and was driven by the economic downturn and a prolonged market downturn.
In addition, Wold will also cut executive remuneration by 50%, suspend engagement with most vendors, slow down hiring, and cut marketing spending.
The cuts have occurred across every team in the organization with a focus on marketing and HR as the company plans to slow down efforts related to those teams, Batia added.
Earlier this month, Coinbase cut its global workforce by 1,100, of which 8% is believed to come from its operations in India. Bybit laid off an undisclosed number of employees of 2,000, while CryptoCom cut its staff by 5%, which is about 260 employees. Similarly, cryptocurrency exchange Gemini has announced its first-ever job cuts, in which it will lay off 10% of its existing staff.
Fighting Crypto Winter
The Singapore-headquartered startup blamed the “painful” decision on uncertain market conditions and “uncertainty in the eyes of customers” due to the current market turmoil. Batia acknowledged that Wold continued to hire employees in 2022, despite the first signs of an economic slowdown.
“We know that sustainable companies are built in a bear market. Sanju and I launched Vauld last crypto winter, and we’re here because we managed our costs carefully back then. We believe that these measures are necessary for us to be very strong in the long term,” he said.
Employees affected by the downsizing will receive two months’ wages as severance pay, retain their signing/hiring bonus, and receive health insurance for themselves and their immediate families within 12 months. Batia added that Vauld will also help departing employees find work.
Bouquet of services
Apart from Bitcoin, Ethereum, XRP, BAT, XLM, USDT, USDC, BUSD, TUSD and DAI trading, Vauld also offers some creation services for crypto investors. These include time deposits using cryptocurrencies, as well as lending and borrowing. While Vauld is headquartered in Singapore, most of its employees are based in India.
Vauld, founded by Darshan Batija and Sanju Kurian in 2018, has raised $27 million so far. The latest round of funding was completed in July 2021, raising $25 million in Series A funding led by PayPal founder Peter Thiel’s Valar Ventures. Pantera Capital, Coinbase Ventures, CMT Digital, Robert Leshner, Cadenza Capital and Gumi Cryptos also took part in this funding round.
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Credit : cryptopotato.com