The leading Cryptocurrency exchange VAULD on Tuesday said it has decided to cuts its headcount by about 30%, as the global cryptocurrency market nosedives amid volatile market scenario.
The workforce decrease affects all teams inside the company, with a bias toward our marketing and talent acquisition teams, said Darshan Bathija, co-founder and CEO of Vauld platform.
"We're slowing down those teams' efforts, which is why there is bias. We are coordinating with each impacted individual to provide them with a severance package equal to two months of their salary and make sure they keep their signing and/or joining bonus "In a statement, Bathija said.
Along with cutting marketing costs, the corporation is also delaying hiring, slashing executive pay by 50%, and halting most vendor contracts. The VAULD said, it would offer the impacted and their immediate families 12 months of medical insurance and work closely "with them to locate a wonderful place to work."
"We don't take this decision lightly, but in light of the current economic downturn, we believe that this is the best course of action. Even for cryptocurrency enterprises, the market environment has grown more unpredictable "Bathija added.