Coinbase-backed crypto exchange Vauld downsizes workforce by 30 pc

Crypto exchange Vauld on Wednesday announced that it is reducing its workforce by 30 percent due to the current economic downturn.

In a blog post shared on the company's site, Darshan Bathija, Co-founder and CEO of Vauld, stated, "It pains me to say this, but last Friday was one of the most difficult days for Vauld and myself, since we decided to reduce our headcount by about 30 percent. This is not a decision we take lightly, but given the economic slowdown, we concluded that this was the right course of action."

Darshan took to Twitter to announce the layoffs and expressed, "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."

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Following the layoffs, Bybit, a Singapore-based cryptocurrency exchange, announced it would lay off 2,000 employees— around 30 percent of its workforce—as part of its efforts to manage costs amid the crisis. Earlier, in the first week of June, global crypto exchanges and firms including Coinbase, Gemini, Robinhood, BlockFi, BitMex, and Crypto.com announced that they are downsizing their workforce due to the current crypto crisis led by uncertainties in the financial markets as a result of macroeconomic factors such as the war in Europe, rising global inflation, and supply chain bottlenecks.

On the contrary, other global crypto exchanges including Binance, Kraken, as well as Ethereum scaling solution Polygon, on June 16 announced that they were planning to hire thousands of new employees in the midst of the economic downturn. Kraken also announced that it would be hiring for 500 positions and Binance was hiring employees for 2,000 jobs worldwide.