Hodlnaut lays off 80% of its employees to cut costs
- August 19, 2022
- 0
Hodlnaut, the crypto lending platform experiencing a liquidity crisis, has made major cuts to optimize costs. It is stated on this blog. According to the statement, the management
Hodlnaut, the crypto lending platform experiencing a liquidity crisis, has made major cuts to optimize costs. It is stated on this blog.
According to the statement, the management cut staff by 80% – 40 people lost their jobs. According to Hodlnaut, the number of employees remaining is ideal for the company’s core functions.
“To further stabilize our liquidity, […] Starting August 22, we will reduce open interest rates to 0% per annum,” the message states.
On the same day, Singapore will consider Hodlnaut’s request to appoint a court administrator and a moratorium on legal claims against the firm. Representatives of the platform submitted a corresponding petition on August 16.
As a reminder, on August 8, Hodlnaut suspended the withdrawal, exchange and deposit of coins.
Previously, Vauld, a crypto lending platform, announced a temporary halt of operations and Celsius Network filed for bankruptcy.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
