Vauld is more of a crypto bank than a cryptocurrency exchange, with headquarters in Delhi and Hyderabad. For Vauld, cryptocurrency is nothing less than a core asset.
As the crypto market has unexpectedly plummeted in the last few days, one of Vauld’s higher officials declared a reduction of 30% of their working staff on Tuesday.
The co-founder and CEO of the cryptocurrency exchange, Darshan Bathija, stated that the reduction in headcount would impact the entire company, not even barring the talent acquisition and marketing teams.
We've taken the painful decision to reduce Vauld's headcount by about 30%
More information: https://t.co/gD7epuXuvo
— Darshan Bathija (@darshanbathija) June 21, 2022
The marketing and talent acquisition sections of Vauld will receive the maximum blow because, as suggested by the CEO, they are currently slowing down any efforts that were put into the respective fields.
However, Bathija continued to state that every employee should receive their signing-off bonus and a severance payment compensating for two months of salary.
Vauld is bringing about economic changes to its firm
Darshan Bathija expressed his regrets about laying off their employees suddenly. Still, he continued by saying they do not take such decisions lightly, given the current crypto market conditions; it was the need of the hour. Bathija admitted that the market situation has gotten uncertain, even for the currency exchange firms.
Further, to cope with the current market conditions, the company is trying to reduce the compensation value of executives by at least 50% and is putting a pause on vendor engagements. The company also said they will now slow down their marketing expenses completely by putting a pause on hiring.
The CEO even said that Vauld would compensate for medical insurance for the laid-off employees for the next 12 months while also helping them out in seeking a good job matching their profile.
What should be the exact headcount of laid-off employees and why?
When asked about a specific headcount, Darshan Bathija refused to give an exact number. In the last six months, Vauld increased its employees by 28%, according to their LinkedIn profile, along with hiring two senior executives.
The CEO of Vauld has confirmed the recent development without providing any specified number. According to a Twitter thread, the layoff was announced to the employees on the 17th of June.
Vauld was founded in 2018 by Sanju Soni Kurian and Darshan Bathija. The cryptocurrency exchange supported trading in –Ethereum, Bitcoin, BAT, XRP, USDT, XLM, TUSD, DAI, and USDC.