Another cryptocurrency exchange is saying goodbye to many of its staff members. Vauld – which is based in New Delhi, India – says that roughly 30 percent of its staff will be relieved of their duties in the coming weeks thanks to the ongoing crash of the crypto market.
Vauld Is Releasing Several Employees
Darshan Bathija – the co-founder and CEO of Vauld – said in an interview that the crypto market’s destruction appears to be showing “bias” towards its marketing and talent team. He claimed in an interview:
The bias is because we’re slowing down efforts associated with those teams. We are working with each person affected and [will] pay them two months of their salaries as a severance payment and ensure that they retain their signing and/ or joining bonus.
In addition to reducing staff, the company is also seeking ways to reduce marketing expenses. To do this, it’s slowing its hiring rate, lowering the compensation of its executives by more than 50 percent, and putting a temporary halt on most of its vendor engagements. Vauld explained in a statement that it is going to be providing approximately 12 months’ worth of health insurance to any released employee and their family members. It will also work with these employees to ensure they find work elsewhere.
Bathija further stated:
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. 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.
The crypto crash is affecting many digital currency company’s teams and hiring processes. Among the other exchanges to release employees in recent weeks include Gemini in New York and Coinbase.
Gemini – per its LinkedIn page – has a staff count of roughly 1,000 individuals. The company announced that it was looking to release approximately ten percent of its employees, meaning this number would fall to about 900. The company also stirred controversy when it said that many of the layoffs would occur via Zoom given the company had closed its physical New York office.
A Chance to Grow Turns to Pot
Coinbase had previously mentioned that 2022 was going to be the year when it expanded its staff by as much as three times its previous numbers. However, as crypto prices began to fall, the exchange announced that it was going to be putting a temporary halt in place on all hirings. This was later followed by a decision to release several people from employment.
Vauld was founded in the year 2018. The company garnered as much as $27 million through an initial funding phase and sought to reach one million customers across the globe.