Vauld, a Singapore-based cryptocurrency lending platform, has announced several changes, including the appointment of a new CEO. The bear market has had a significant impact on the company, leading to layoffs and the suspension of withdrawals and deposits. In July, Vauld filed for protection against creditors and the Singaporean magistrate has approved the company’s scheme of arrangement.The current CEO, Darshan Bathija, has revealed that a new CEO, creditor representative, and scheme manager will be joining the distressed organization. Last June, Vauld dismissed 30% of its employees and halted withdrawals and transactions.Vauld had previously entered into an exclusive exploratory period with Nexo, a cryptocurrency lender, to discuss the potential acquisition of Vauld. However, Vauld rejected the proposal, saying it would not be in the best interests of its debtors. It is expected that Vauld will start repaying affected users this summer.
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 🇧🇬 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Darshan Bathija, Nexo, Bulgaria |
| Companies | Vauld, Nexo, Coinbase, CryptoPotato, Binance |
| Currencies | Vauld, Bitcoin, Ethereum, Nexo, None |
| Securities | None |
