04 Jul Coinbase-Backed Lending Platform Suspends Withdrawals, Looking to Restructure
The cryptocurrency market downturn continues taking its toll, and lending companies are feeling the heat across the board.
Another crypto lender to cease transactions is Vauld. According to a blog post from Monday, July 4th, the company has seen customer withdrawals in excess of $197 million since June 12th.
This seems to have happened immediately after the decline of the market triggered by the collapse of the Terra-LUNA ecosystem.
Vauld has also engaged the services of financial advisors in India and Singapore and is “fully committed to working … to explore and analyze all possible options, including potential restructuring options, that would best protect the interests of Vauld’s stakeholders.”
Furthermore, the company has also suspended withdrawals, trading, and deposits.
In the meantime, we have made the difficult decision to suspend all withdrawals, trading, and deposits on the Vauld platform with immediate effect. We believe that this will help to faciltitate our exploration of the suitability of potential resturcturing options, together with our financial and legal advisors.
Vauld is just another in a string of lenders that have had to do so. The most notable name in this field is surely Celsius Network which is yet to resume withdrawals while cutting its staff by over 150 people recently.
Back in July 2021, the company raised $25 million in a funding round led by Valar Ventures with the participation of Pantera Captial and Coinbase Ventures, among others.
Post is imported from RSS feed, by one of our guest editors. G6 does not edit or moderate the content. G6 is not responsible for your actions. No rights owned by G6. To remove the post, please email us at [email protected]