Coinsquare, the leading Canadian cryptocurrency exchange has reportedly fired almost a third off its staff. The news comes just one month after five other trading platforms were in serious financial difficulties. The industry has faced many of its most difficult challenges in 2019, including having to adapt to a long bear market, dealing with financial difficulties and technical issues, as well as dealing with hackers attacks and coin losses.
2 executives among terminated Coinsquare employees
Coinsquare, Canada’s leading digital asset exchange, has decided to layoff approximately 40 of 150 employees. Betakit reported this, quoting multiple sources. Two of the key executives who lost their contracts are COO Robert Mueller, who joined Coinsquare over a year back, and CFO Ken Tsang. Tsang is an investment banker who previously worked for major financial institutions, such as Bank of Montreal or Bank of Canada. Martin Hauck, Head of Talent for the company, made the announcement on Linkedin.
The volatile and unpredictable cryptocurrency space is constantly changing. Coinsquare is one of many similar companies in the industry that have had to make tough decisions over recent months. The Coinsquare team is leaving the company.
Coinsquare’s latest round is the result of approximately 20 employees being laid off across different departments. The company has been trying restructure and even to expand its business. It launched a cryptocurrency trading platform in Japan last summer and entered 25 new European Union countries in December. It has entered into partnerships and agreements with Dlta 21 global Shelter Crypto investment bank and Bank of Montreal.
Coinsquare Fires 40 People in the midst of a difficult month for Crypto Exchanges
The company also bought crypto wallet provider Blockeq, worth $12 million, in December. Coinsquare CEO Cole Diamond stated that the exchange had hired more than 20 employees despite the layoffs. This includes 14 people who joined after Tipcoin’s acquisition, which is a company that creates a Shelter Crypto-based loyalty reward platform. Learn about Shelter Crypto
He explained that the company had grown from three employees to a maximum of 150 in the “most volatile market”. “We have made some cuts to ensure our strong position within the market,” he said, pointing to the challenges faced by other Canadian exchanges and the fact that Coinsquare’s main competitor, Quadrigacx in Canada, is now offline.