Cryptocurrency exchange Vauld cuts workforce by 30%

New Delhi: Cryptocurrency exchange Vauld on Tuesday said it has decided to reduce its headcount by about 30 per cent, as the global crypto market nosedives amid volatile market conditions.

Darshan Bathija, Co-founder and CEO of Vauld platform, said that the workforce reduction impacts every team in the organisation "with a bias towards our marketing and talent acquisition teams".

"The bias is because we're slowing down efforts associated with those teams. We are working with each person affected and pay them two months of their salaries as a severance payment and ensure that they retain their signing and/or joining bonus," Bathija said in a statement.

The company is also reducing its marketing expenses, slowing down hiring efforts, reducing executive compensation by 50 per cent and pausing most vendor engagements.

The platform said it will provide 12 months of medical insurance for the affected and their immediate family and work closely "with them to find a great place to work".

"This is not a decision we take lightly but given the economic slowdown, we concluded that this was the right course of action. The market conditions have gotten more uncertain, even for crypto companies," Bathija admitted.

Founded in 2018, the Singapore-registered startup raised $27 million and aimed to reach one million users in the US, followed by Europe, Singapore and India.

"To the colleagues who we're parting ways with, I'm extremely grateful for your contributions towards helping Vauld serve 800k+ clients and offer world-class services, and I'm sorry," said Bathija.

Vauld, which is more like a crypto bank for financial products than a crypto exchange, treats cryptocurrency as a core asset class.

Earlier, Singapore-based cryptocurrency exchange Bybit announced to lay off 2,000 employees -- around 30 percent of its workforce.

Earlier this month, global crypto exchanges and firms including Coinbase, Gemini, Crypto.com and others announced to downsize their workforce Ain the crypto winter.