Crypto Platform Vauld Suspends Withdrawals, Trading Amid 'Financial Challenges'

Vauld, a Singapore-headquartered crypto lending and exchange startup, has suspended withdrawals, trading and deposits on its eponymous platform with immediate effect as it navigates "financial challenges," it said Monday. From a report: The three-year-old startup -- which counts Peter Thiel-backed Valar Ventures, Coinbase Ventures and Pantera Capital among its backers and has raised about $27 million -- said it is facing financial challenges amid the market downturn, which it said has prompted customer withdrawals of about $198 million since June 12. Vauld enables customers to earn what it claims to be the "industry's highest interest rates on major cryptocurrencies." On its website, Vauld says it offers 12.68% annual yields on staking several so-called stablecoins including USDC and BUSD and 6.7% on Bitcoin and Ethereum tokens.

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