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Crypto trading platform Vauld has decided to cut down its staff by 30%, its cofounder Darshan Bathija said on Tuesday, following in the footsteps of other cryptocurrency-related businesses that have recently cut staff due to a prolonged market downturn.

“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," Bathija said in a series of tweets.

Explaining the reasons of the layoffs, he said that the market conditions have gotten more uncertain, even for crypto companies and a few market participants course of actions have created a lot of uncertainty in the eyes of customers. The company continued to hire in 2022 without listening to the early signs of the economic slowdown, he added.

Furthermore, in the cost-cutting method, it is also reducing its marketing expenses, slowing down its hiring efforts, reducing executive compensation by 50% and pausing most vendor engagements.

“We are working with each person affected and: Paying them two months of their salaries as a severance payment and ensure that they retain their signing and/or joining bonus. Provide 12 months of medical insurance for their family. Help them find a great place to work," Bathija said.

Founded in 2018 by Darshan Bathija and Sanju Kurian, Vauld, provides a suite of products that focus on wealth generation for its crypto investors, including fixed deposits and asset-backed lending and borrowing.

In July 2021, Vauld raised $25 million in a Series A funding round led by PayPal founder Peter Thiel's Valar Ventures. Investors such as Pantera Capital, Coinbase Ventures, CMT Digital, Gumi Cryptos, Robert Leshner, and Cadenza Capital, among others, also participated in the funding round. While Vauld is headquartered in Singapore, the majority of its team is in India.

The crypto markets have been under pressure in recent months, falling alongside other so-called risk assets as interest rates have risen around the world. The record-setting rout in cryptocurrencies has put a slew of decentralized-finance applications and their communities in a race to protect themselves against a cascade of liquidations.

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