The timing of cryptocurrencies is not going well at the moment. Whether it is a matter of crypto prices or people working in the crypto market. Crypto trading platform Vault has decided to reduce its 30 percent staff. Its founder Darshan Bathija gave this information by tweeting: Other businesses related to cryptocurrencies have also reduced their workforce due to the downturn in the market.
Founder Darshan tweeted that we know that companies are made flexible in the beer market. We started Wald last crypto winter. We got here because we managed our expenses very carefully. These are necessary measures so that we can be strong in the long run.
Very uncertain position of crypto companies The
founder cited a reason for the layoff, saying that the position of crypto companies along with the market is very uncertain. Certain actions by some of the market participants have brought a lot of uncertainty in the eyes of the customers. Wold was founded in the year 2018 by Darshan Bathija and Sanju Kurien. The company used to work to get maximum returns for its crypto investors.
The condition of the crypto market is bad at this time. The crypto market cap has fallen below $1 trillion. There is also a significant decline in its trading value. Larger cryptocurrencies have lost more than 50 percent of their highs. In such a situation, the financial condition of the companies associated with the crypto business has also worsened. So there are massive layoffs.