According to the information provided by two sources on the subject, Vauld CFO Jatin Mazalcar is based in Singapore. cryptocurrency left the company after his company had to stop customer withdrawals last week.
Cryptocurrency Company Vauld CFO Lasted About One Month at Company
Sources said Mazalcar stepped down as CFO after Vauld suspended withdrawals on July 4, but continued to serve as a consultant to the company. According to his LinkedIn profile, Mazalcar joined Vauld in May and left in June.
Founded in 2018 and backed by high-profile investors like Peter Thiel’s Valar Ventures and Coinbase Ventures, Vauld (formerly Bank of Hodlers) before suddenly freezing client accounts this month. bitcoin and cut 30% of its workforce in June to save costs due to the decline in the cryptocurrency market.
Vauld is a Singapore-based company, but most of its team is based in India. Indian co-founders Darshan Bathija and Sanju Sony Kurian were featured in the Forbes Asia 30 under 30 list this year.
Status of Vauld Clients’ Funds Remains Uncertain
Mainly operating in two countries, Vauld has recently appointed legal and financial advisors in Singapore and India for potential restructuring or financing options.
A day after Vauld stopped withdrawals, London-based rival Nexo signed a contract with the firm for a potential buyout.
Nexo is currently undergoing a due diligence process and Vauld clients’ funds are still blocked. No word on the status of client funds so far from Vauld or Nexo.
Earlier today, Bathija told users on Vauld’s official Telegram channel that the company is working on a solution and will announce information on liabilities and financing plans today. A source told The Block that the company also plans to send a letter to its creditors today.
*Not investment advice.