Singapore-headquartered crypto exchange and Indian startup Vault on Monday said it has suspended trading activity on its platform along with all forms of deposit and withdrawal. Wald said the steep fall in crypto and the tightening of regulations in India have had a significant impact on trading values.
Singapore. The suffering of those investing in cryptocurrencies is not decreasing. In the midst of the declining crypto market, some bad news comes for crypto investors in two or four days. On Monday, more bad news came to the fore for Indian investors investing in crypto.
Singapore-headquartered crypto exchange and Indian startup Vault on Monday said it has suspended trading activity on its platform along with all forms of deposit and withdrawal. Wald said the steep fall in crypto and the tightening of regulations in India has had a significant impact on trading values. Financial difficulties have arisen in front of the company. So for this reason this crypto exchange has stopped all activities for the time being.
Most of the business in India
Wald may have its headquarters in Singapore, but most of its business is in India. Because of this, most of the money is trapped in it by Indians. The company said that due to the prevailing market conditions, customers are withdrawing huge amounts of money from the exchange. Since June 12, 2022, withdrawals on the exchange have exceeded $197.7 million.
Wald said it selected Kroll Pte Ltd as its financial advisor. Also appointed as legal advisors to Cyril Amarchand Mangaldas in India and Raja & Tan Singapore LLP in Singapore.
A few days ago, 30 percent of the staff was fired.
A few days ago, Wald had fired 30 percent of its staff. In July 2021, Wald raised $25 million (Rs 195 crore) in a Series A funding round led by PayPal founder Peter Thiel’s Weller Ventures. Investors such as Pantera Capital, Coinbase Ventures, CMT Digital, Gumi Cryptos, Robert Leshner and Cadenza Capital also participated in the funding round. Wold is headquartered in Singapore, with most of its team based in India.