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Vauld Lending/Borrowing Platform Shutting down

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@reeta0119
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Vauld is a lending and borrowing crypto platform and they have announced that they are going to halt its operation. This is not a good time for crypto and many exchanges and lending platforms are going through time. Even leading exchanges are going through this and they are laying off their manpower and resources to cut down the cost & it will not be a surprise if more exchanges are doing the same. Exchanges like coinbase and Huobi have also announced a reduction in resources and this going to affect the people who are employed on these exchanges. During the bull run, the crypto industry had created lots of employment opportunities but seems not this is going to make it difficult.

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Now since the bull-run is over so things are shrinking it seems but I believe that this is not the end of crypto. It's obvious that because of financial challenges worldwide things will not be easy and even now some weak hands will say bye to the crypto market. Any market is not an easy place to make money and crypto is nothing different. Some people think that crypto is easy money but the reality is just the opposite I agree that there are many earning opportunities but for that a proper planning and for that, proper planning and strategy are required.

Cryptocurrency exchange Vauld has suspended its operations including withdrawals, trading, and deposits on its platforms, the company said in a statement on Monday, June 4. Vauld said that this has happened primarily due to rising “financial challenges", despite its best efforts

I have used vauld for some time because they have been offering nice products to invest in crypto through SIP. SIP is the same as DCA (dollar-cost averaging) and this is one of the best ways to invest. This platform has been offering some funds as well where we can invest using fiat currency INR and this was easy to use. It's sad that now that convenience will not be available however some other exchanges have started the DCA investment options. INR deposit was so easy and even some of my friends were using the app but sadly now they will have to go for another option even if Binance offers auto-investment however it's not offering INR deposits.

Not everyone has one crypto to invest in another in India and because of this INR is the only option that can be used to invest in crypto and so such platforms are needed for Indians to continue investing in crypto. This is even difficult because some exchanges are having an issue offering INR deposit options due to banking restrictions but hope this continues to improve and Indians can invest in crypto with ease.

Thank you so much Stay Safe

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