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Exclusive: Coinbase-backed crypto exchange Vauld lays off 30% of workforce, takes other measures to cut costs

Vauld will be looking at reducing marketing expense, slowing hiring, reducing executive compensation by 50% and pausing most vendor engagements

June 21, 2022 / 11:35 AM IST
Representative image

Representative image

Crypto exchange Vauld has laid off 30 percent 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 Moneycontrol in 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.