Cryptocurrency - End Of A Dream Run?

Cryptocurrency

- M.G. Arun

Nothing seems to be going right in the cryptocurrency world right now. In yet another blow to the credibility of crypto platforms, Singapore-based Vauld, a crypto lending platform founded by Indian entrepreneurs Darshan Bathija and Sanju Kurian, suspended its withdrawals and deposits in early July, leaving nearly 800,000 subscribers in the lurch. Media reports claimed that a majority of the Vauld users were Indian, and accounted for 20 per cent of the assets under management. The platform saw a daily volume of $10-15 million (Rs 79.5-119.2 crore). The company, which had aimed to build a banking system which is more swift, secure and decentralised than traditional banks through blockchains, blamed the volatile market conditions for its decision. Vauld's move comes on the back of crypto platforms such as the US-based Celsius Network and Voyager Digital suspending trading, landing hundreds of thousands of investors in a soup.