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

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Representations of cryptocurrencies and the Voyager Digital logo are seen in this illustration taken July 7, 2022. REUTERS/Dado Ruvic/Illustrations

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Sep 23 (Reuters) – Voyager Digital Ltd chief financial officer Ashwin Prithipaul is preparing to step down from his role a few 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 (COIN.O) and crypto lender BlockFi were forced to cut jobs, while Singapore-based crypto hedge fund Three Arrows Capital filed for bankruptcy.

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Reporting by Niket Nishant in Bangalore; Editing by Shinjini Ganguli

Our standards: The Thomson Reuters Trust Principles.

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