New Delhi: Cryptocurrency exchange Wald on Tuesday said it has decided to reduce its headcount by about 30 per cent, as the global crypto market closes amid volatile market conditions.
Darshan Bathija, Co-Founder and CEO of Wold Platform said that decrease in workforce Affects every team in the organization “with a bias toward our marketing and talent acquisition teams.”
“The bias is because we are slowing down the efforts involved with those teams. We are working with every person affected and pay them two months of their salary as severance pay and ensure that they Join your signing and/or bonus,” Bathija said in a statement.
The company is also slashing its marketing spend, slashing hiring efforts, slashing executive compensation by 50 percent and slashing most vendor engagements.
The platform said it would provide 12 months of medical insurance for the affected and their immediate families and would “work closely with them to find a good place to work”.
Bathija acknowledged, “This is not a decision we take lightly, but given the economic downturn, we concluded that this was the right course of action. Market conditions have become more precarious for crypto companies as well. ”
Founded in 2018, the Singapore-registered startup raised $27 million and aims to reach one million users in the US, followed by Europe, Singapore and India.
“With the associates we are parting with, I am extremely grateful for your contribution to helping Wald serve 800k+ customers and provide world-class services, and I am sorry,” Bathija said.
Vault, which is more like a crypto bank for financial products than a crypto exchange, treats cryptocurrency as the main asset class.
Earlier, Singapore-based cryptocurrency exchange Bybit announced a layoff of 2,000 employees — about 30% of its workforce.
Earlier this month, global crypto exchanges and firms including Coinbase, Gemini, Crypto.com and others announced they would lay off their workforce over the cryptocurrency winter.