As Singapore-based crypto exchange Vauld decision to suspend all withdrawals, trading and deposits on the Vauld platform continues to stir panic, Zionverse, a gaming metaverse platform based on Indian culture and mythology by Totality Corp, has professed to ease the situation for its community.
Totality Corp, the Zionverse parent, had partnered with Vauld in November last year to allow people to buy its Lakshmi NFT through it.
The NFT gaming player assured all possible help to the community members impacted by the development. They confirmed that staking and gaming rewards would be paid in Metamask wallet or any other wallet basis ease and security of the payments. To instill confidence among Lakshmi NFT buyers and to reaffirm their commitment to their community, the soon-to-be-launched Vishwaas NFT will be given to all Lakshmi NFT holders by the end of July 2022.
Notably, the community members were due to receive their expected rewards in December 2022. Still, to boost their confidence, the company has advanced it by as early as six months by offering rewards in the form of Vishwaas NFT. With this, the company hopes the community’s faith will remain intact.
Once the Lakshmi NFT buyers receive their Vishwaas NFT, they may choose to sell it for USD 65, which includes the minimum payout plus the staking rewards guaranteed to every Lakshmi NFT holder irrespective of the tier and rarity. They will also receive an option to convert their Vishwaas NFT to their soon-to-be-launched flagship Trimurti NFT worth 100 USD. Overall, these buyers will have zero losses and much to gain from these measures.
In summary, this gives options to Lakshmi NFT holders to redeem or grow their investment:
- They may sell it to Zionverse for US$ 65
- They can mint the NFT and sell it on the secondary market
- They can keep the Vishwaas NFT and convert it to a Trimurti NFT, to be launched at US$ 100 without paying anything extra.
Anshul Rustaggi, Founder of Totality Corp, commented on the current situation, “Trust is the foundation of our community. The times are tough, and we have come forward to strengthen the community’s confidence in us, and we are doing everything we can to protect the interests of our customers.”
Rest assured, our NFT holders’ rewards are safe with us, and they will get them on the promised timelines
Sharing more insights about protecting the investors, he further stated, “We have got the support from our investors. Rest assured, our NFT holders’ rewards are safe with us, and they will get them on the promised timelines. At Zionverse, we thrive on creating a special bond with the community and ensuring we keep strengthening this bond.”
Speaking on the growth plans, he said, “There will be no change in the growth plans. We are still bullish on Web3 gaming in India, gaming in India in general, and content around Indian Culture and Mythology. We will stick to the growth roadmap and keep growing.”
We've taken the painful decision to reduce Vauld's headcount by about 30%
More information: https://t.co/gD7epuXuvo
— Darshan Bathija (@darshanbathija) June 21, 2022
Vauld’s decision to suspend withdrawals has caused a storm in the crypto community. Vauld had earlier boasted of US$1 billion assets under management as recently as May this year, while on June 16, a company email showed that business would “continue to operate as usual.” Now, the company is leaning towards “potential restructuring options.”
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Signs of trouble appeared in Vauld on June 21 when CEO Darshan Bathija tweeted that Vauld had laid off 30% of its team. Bathija had also highlighted that its early investor Three Arrows Capital (3AC) had exited in late last year.
According to a statement from Vauld “volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate” were the causes that led to their decision to freeze customer finances.
