The cryptocurrency exchange Vauld said on Tuesday that it had decided to reduce the number by about 30 percent as the global cryptocurrency ...
The cryptocurrency exchange Vauld said on Tuesday that it had decided to reduce the number by about 30 percent as the global cryptocurrency market declines due to rapid market conditions.
Darshan Bathija, co-founder and CEO of Vault, said the staff reduction would affect every team in the organization "with a bias in our marketing and talent teams."
"The bias is due to our slow team effort. We work with each person involved and pay them a two-month salary as severance pay and ensure that they keep their signature and/or bonus included," Bathija said in a statement.
The company also reduced its marketing costs, delayed recruitment, cut directors' fees by 50 percent, and suspended most vendor commitments. The platform says it will provide victims and their immediate families with 12 months of health insurance and will work closely with them to find a good place to work.
"We did not make a decision at all, but due to the economic slowdown, we decided it was the right move.
Founded in 2018, the Singapore-based startup took $ 27 million and aims to reach one million users in the United States, followed by Europe, Singapore, and India.
"For the partners, we have divorced, I am so grateful for your contributions, which help Vauld serve more than 800,000 clients and provide world-class services and patience," said Bathija.
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