Due to financial difficulties, the cryptocurrency exchange Vauld suspends withdrawals, trading, and deposits.
As it navigates “financial issues,” Vauld, a Singapore-based cryptocurrency loan, and exchange firm, has banned withdrawals, trading, and deposits on its platform of the same name. The three-year-old business, which has garnered approximately $27 million from investors including Pantera Capital, Coinbase Ventures, and Peter Thiel-backed Valar Ventures, said that the market collapse had forced customers to withdraw nearly $198 million since June 12.
Darshan Padija, Vauld’s founder and CEO, said the company is exploring restructuring options and has spoken with Cyril Amerchand Mangaldas and Raja & Tan in Singapore and India for legal advice and Kroll for financial leadership. The company plans to issue a judgment in the Singapore courts. He said the startup will make “special arrangements” for certain clients to meet their marginal requirements, adding: “With the advice of our financial and legal advisors, we believe we can find a better solution. To protect the interests of clients. and shareholders of Vauld. ” “”
Vauld customers can get what the company advertises as “the highest interest rates on major cryptocurrencies on the market.” According to its website, it offers 6.7% of Bitcoin and Ethereum tokens and 12.68% of several other so-called stablecoins, including USDC and BUSD. Customers can borrow against their tokens through the platform, which also provides access to a number of additional business services. The announcement comes two weeks after Walt cut 30 percent of his workforce. The action amazes me. On June 16, Bhatija assured Vault users that Three Arrows Capital and Celsius had not been affected by troubled crypto lender BlockFi, the US arm of FTX on Friday signed a deal that gives the crypto exchange the option to buy. The company pays up to $ 240. millions depending on its performance. BlockFi, one of the companies that liquidated at least some of its assets in a March 2021 fundraiser, was valued at $ 3 billion.