The 4-year-old company said uncertain market conditions due to the current market pullback forced the ‘painful’ decision.
Fighting Crypto Winter
The Singapore-headquartered startup blamed uncertain market conditions and “uncertainty in the eyes of customers” due to the current upheaval in the market for the “painful” decision. Vauld had continued to hire in 2022 regardless of the early signs of the economic slowdown, Bathija admitted. “We know that resilient companies are built during bear markets. Sanju and I started Vauld during the last crypto winter and we’re here because we carefully managed expenses then. We believe that these measures are necessary so that we’re very strong in the long term,” he said.
The employees impacted by the retrenchment will get two months’ salary as severance benefit, retain the signing/joining bonus, and benefit from medical insurance for themselves and their immediate family for 12 months. Vauld will also help the outgoing employees in finding employment, Bathija added.Besides trading in Bitcoin, Ethereum, XRP, BAT, XLM, USDT, USDC, BUSD, TUSD, and DAI, Vauld also offers some creation services for crypto investors.
Founded by Darshan Bathija and Sanju Kurian in 2018, Vauld has so far raised $27 million. The last funding round was concluded in July 2021 when it raised $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 participated in this funding round.
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