Bankrupt crypto lender Voyager’s CFO to exit months after appointment

(Reuters) – Voyager Digital Ltd Chief Monetary Officer Ashwin Prithipaul is making ready to step down from his function inside months of his appointment on the crypto lender that filed for chapter in July.

The corporate mentioned on Friday the finance head would resign after a “transition interval” to pursue different alternatives, and that Chief Govt Officer Stephen Ehrlich will head the function within the interim.

Crypto lenders akin to Voyager boomed in the course of the COVID-19 pandemic, drawing depositors with excessive rates of interest and quick access to loans not often supplied by conventional banks.

However inflation and subsequent charge hikes by the U.S. Federal Reserve led to a large sell-off within the various asset class that dealt a heavy blow to a number of firms within the sector.

Digital asset alternate Coinbase World Inc and crypto lender BlockFi have been pressured to chop jobs, whereas Singapore-based crypto hedge fund Three Arrows Capital has filed for chapter.

(Reporting by Niket Nishant in Bengaluru; Modifying by Shinjini Ganguli)