Coinbase-backed SG crypto exchange trims 30% of staff

Vauld, a Singapore-based cryptocurrency exchange, has let go of around 30% of its employees as crashing token values and incoming crypto taxation shake the nascent industry, Moneycontrol reported.

Vauld co-founder and CEO Darshan Bathija said the positions affected were mainly those in marketing, talent acquisition, and other fields. Those involved will be getting severance payments and 12 months of health insurance for themselves and their families, he told the publication.

In addition to the layoffs, the company will also slow down marketing expenses and hiring as well as reduce compensation for its executives, according to the report.

Bathija founded Vauld in 2018 with Sanju Soni Kurian. Since then, the firm has attracted investments from Peter Thiel’s Valar Ventures, Coinbase Ventures, and Pantera Capital, among others.

See Also: Tracking layoffs across Asia’s startup ecosystem (Updated)

With the development, Vauld joins a growing number of startups in Southeast Asia that have slashed staff to cut costs. Recently, cryptocurrency exchange Bybit confirmed to Tech in Asia that it would be laying off a number of employees to build “smaller but more agile teams” to improve efficiency.