The Singapore-based cryptocurrency exchange said the actions of a “few market participants” are creating a lot of uncertainty in the eyes of customers.
See related article: ‘Buckle up’ for downsizing crypto market as employees laid off
- The layoffs impact every team with marketing and talent acquisition departments being affected the most, as Vauld slows down efforts related to those functions, cofounder and chief executive officer Darshan Bathija said.
- The firm, backed by PayPal founder Peter Thiel’s Valar Ventures, Pantera Capital, Coinbase Ventures, CMT Digital, Gumi Cryptos, Robert Leshner and Cadenza Capital, said market conditions have gotten more uncertain.
- Vauld will also cut executive compensation by 50% and “pause” vendor engagements, Bathija added.
- As severance, terminated employees will get salaries for two months and retain their signing and/or joining bonus.
- Laid-off employees will also be provided with 12 months of medical insurance for themselves and immediate family members.
- Vauld is the latest to join other crypto firms laying off staff, including Coinbase, Bybit, Gemini and Crypto.com.
See related article: Are we heading for a post-Terra crypto winter?