..underneath the short term calm.
Crypto Lender Vauld Suspends Withdrawals as Customers Yanked $200M
ByPYMNTSListen to Article
Posted on July 4, 2022
Crypto lender Vauld, which is backed by both Coinbase and investor Peter Thiel, has suspended withdrawals, citing the crisis on the digital asset market, the Financial Times reported Monday (July 4).
Vauld had previously offered clients annualized returns of up to 40% to lend out their crypto tokens. On Monday, it said clients had pulled nearly $200 million from the Vauld platform, and with recent weeks’ high-profile failures, the company said that it was looking at several options — including restructuring.
However, Vauld is not the only company that has been hit by a wave of consequences from the floundering market and falling status of digital token lending.
Several companies have been feeling the effects since the Luna coin collapsed in May, and other companies, like BlockFi, Celsius and others, have also taken the path of shutting down withdrawals. Meanwhile, crypto hedge fund Three Arrows Capital has failed and shut down with other parties.
Vauld said recently it didn’t have any exposure to Celsius or Three Arrows, and said it was “liquid despite market conditions.”
That said, the company admitted it has been “facing challenges” due to what it said was a combination of things, including “volatile market conditions, the financial difficulties of our key business partners inevitably affecting us and the current market climate.”
- Forums
- ASX - General
- Its Over
..underneath the short term calm. Crypto Lender Vauld Suspends...
- There are more pages in this discussion • 8,292 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
LU7
LITHIUM UNIVERSE LIMITED
Alex Hanly, CEO
Alex Hanly
CEO
Previous Video
Next Video
SPONSORED BY The Market Online