New Cryptocurrency Lending Platform Suspends Its Services - CryptoActu

New Cryptocurrency Lending Platform Suspends Its Services – CryptoActu

Decentralized Finance (DeFi)

July 04, 2022 – 17:37

Coinbase-backed crypto lender Vauld, in particular, has been swept away by Vauld With the turmoil surrounding the cryptocurrency market and revenue-driven players. The platform has just announced the immediate suspension of deposits, withdrawals and transactions, due to volatile market conditions and the impact on its major trading partners..

Fuld takes the water

After Celsius, Babel Finance, or even Voyager Digital, it is the Fuld platform backed by major investors (Valar Ventures from Peter Thiel and Pantera Capital) that sees itself. He had to resort to procedures for suspending his services.

We have taken the difficult decision to suspend all withdrawals, transactions and deposits on the Fold platform with immediate effect. We believe this will facilitate our exploration of the suitability of potential restructuring options, along with our financial and legal advisors.

Darshan Bateja, CEO of Fold, in a press release

The catalytic event will be the massive withdrawal of funds by its clients since June 12. An amount of approximately 198 million dollars Which would have weakened the lender that has been swept away by the wave of fear that has swept the CeFi world since the collapse of the stablecoin TerraUSD, Celsius’ decision to halt withdrawals and the ordeal of Three Arrows Capital in liquidation.

This decision comes on the heels of other measures that have already been taken to limit the financial damage associated with the drop in income: layoffs of 30% of employees and cut half of the salaries of board members.

Don’t believe today’s affirmations

as it is, No information was filtered about the company’s exact position, between irrecoverable debts, defaults or impossible-to-fulfill margin calls. But the truth is that it is looking for a solution that is in the interest of its stakeholders. So I hired a team of consultants to explore the possibilities of restructuring the company.

To this end, we have hired the services of Kroll Pte Limited as a financial advisor. Also, Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as legal advisors in India and Singapore respectively.

Darshan Bateja, CEO of Fold, in a press release

So Fuld finds himself on the wrong side of the fence along the way No later than June 16, podium declared himself Safe from “crypto infection”, explaining that she was not exposed to Three Arrows Capital or Celsius. Her argument also heightened her “balanced and conservative approach” and “essentially aggressive strategies” that allowed her to remain liquid enough. Obviously, he has taken his model on the water and will confirm the clear opinion of the CEO of Binance.

Unpopular Opinion: Watch out for platforms that require venture capital funding, they often don’t have a real business model yet.

CZ in Twitter

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