Home Technology Bankrupt crypto lender Voyager’s CFO to quit months after appointment

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

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

(Reuters) – Voyager Digital Ltd chief financial officer Ashwin Prithipaul is preparing to quit his job months after his appointment at the crypto lender which filed for bankruptcy in July.

The company said on Friday that the chief financial officer would step down after a “transition period” to pursue other opportunities, and that chief executive Stephen Ehrlich would lead the role on an interim basis.

Crypto lenders such as Voyager have boomed during the COVID-19 pandemic, luring depositors with high interest rates and easy access to loans rarely offered by traditional banks.

But inflation and subsequent rate hikes by the US Federal Reserve led to a broad sell-off in the alternative asset class that dealt a blow to several companies in the sector.

Digital asset exchange Coinbase Global Inc and crypto lender BlockFi were forced to cut jobs, while Singapore-based crypto hedge fund Three Arrows Capital filed for bankruptcy.

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

Copyright 2022 Thomson Reuters.

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