Vauld supported by Coinbase reduces the workforce by 30 % and tries to halve the salaries of managers

Vauld supported by Coinbase reduces the workforce by 30 % and tries to halve the salaries of managers

The Vauld based in Singapore is the next cryptocurrency exchange that is reducing its workforce because the industry continues to be under pressure.

The company, whose employees are mainly based in India, has released 30% of its employees in the areas of marketing, talenta paque and other departments. Money control reported on Tuesday, citing the matter.

Vaulds reported number of employees is less than 200, 97 of them on LinkedIn. According to CoinmarketCap, the stock exchange processed cryptocurrency transactions worth 3.3 million US dollars last day.

In addition to your contribution bonus and 12-month health insurance, which includes relatives, you can also work with Vauld's team of talent to get another job, said Bathija.

Vauld also plans to reduce the remuneration of managers by 50 % and to shorten the marketing expenses. According to the report, the company will also slow down recruitment and put the engagements of providers on hold.

Vauld's belt buckles come at a time when cryptocurrency exchanges around the world have announced in quick episode, of which a total of more than 1,600 employees are affected. Coinbase reduces 18 % of its workforce; Gemini reduces his staff by 10 %; and Crypto.com loses 5 %.

"The crypto winter seems to have already started, and it can be expected that all companies that depend heavily on cryptocurrencies and other digital assets can count on lower activities for the foreseeable future," Uldis Teraudkalns, CEO from NEXPAY, told Blockworks.

"crypto was inflated in the course of 2021, and the most experienced companies that have gone through several cycles are preparing for a downward phase."

Vauld's most recent fundraising took place in July 2021 when it was $ 25 million in a series of series A round, which was led by Valar Ventures by PayPal co-founder Peter Thiel. The existing investors Coinbase and Pantera Capital also took part in this round. So far, $ 27 million have been collected.

bathija told the Economic hours that most of its customers come from the United States India, Europe and Singapore. In May, Bathija and his co-founder Sanju Kurian were there Asia.

Less than a week before the layoffs in the company, Bathija played the effects of volatile markets on Vauld's business in a down blog entry . He explained that Vauld has no engagement in the battered cryptocurrency companies Celsius and Three Arrows Capital, who recently admitted liquidity problems.

Vauld did not immediately answer the request from Blockworks for a comment.

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The article Coinbase-Backed Vauld Cuts Workforce by 30%, Seeks to Halve Exec Pay is not a financial advice.