(Reuters) – Voyager Digital Ltd Chief Financial Officer Ashwin Prithipaul is preparing to step down from office within months of being appointed to the cryptocurrency lender that filed for bankruptcy in July.
The company said Friday that its chief financial officer would step down after a “transitional period” to pursue other opportunities, and Chief Executive Officer Stephen Ehrlich will lead the role in the meantime.
Cryptocurrency lenders like Voyager boomed during the COVID-19 pandemic, attracting 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, which dealt a heavy blow to several companies in the sector.
Digital asset exchange Coinbase Global Inc and cryptocurrency 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)