Sept 23 (Reuters) – Voyager Digital Ltd Chief Financial
Officer Ashwin Prithipaul is preparing to step down from his
role within months of his appointment at the crypto lender that
filed for bankruptcy in July.
The company said on Friday the finance head would resign
after a “transition period” to pursue other opportunities, and
that Chief Executive Officer Stephen Ehrlich will head the role
in the interim.
Crypto lenders such as Voyager boomed during the COVID-19
pandemic, drawing depositors with high interest rates and easy
access to loans rarely offered by traditional banks.
But inflation and subsequent rate hikes by the U.S. Federal
Reserve led to a wide sell-off in the alternative asset class
that dealt a heavy blow to several companies in the sector.
Digital asset exchange Coinbase Global Inc and
crypto lender BlockFi have been forced to cut jobs, while
Singapore-based crypto hedge fund Three Arrows Capital has filed
for bankruptcy.
(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini
Ganguli)