Crypto exchange – Vauld has laid off 30% of its workforce amidst the crash in crypto prices, taxation fears and drastic fall in volumes, according to people aware of the matter.
Darshan Bathija, co-founder and CEO of the exchange, confirmed the development to Moneycontrolin an e-mailed query. The roles that were impacted include those related to marketing, talent acquisition and others, he said.
“Two months of their salaries paid as a severance payment and retain their signing and/or joining bonus, 12 months health insurance for them and their family, and our talent team working closely with them to find a great place to work,” said Bathija.
Additionally, the company will be looking at reducing marketing expense, slowing hiring, reducing executive compensation by 50 percent and pausing most vendor engagements.