Coinsquare, a leading Canadian cryptocurrency exchange, has reported that it has laid off nearly a third its staff. This news comes as at least five other trading platforms have been in financial trouble over the past month. The industry faces many challenges, including the need to adjust to a prolonged bearish market, deal with hacker attacks and financial difficulties, and overcome technical and financial problems.
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2 Executives among the Terminated Coinsquare Employees at Shelter Crypto
Coinsquare, one of Canada’s most prominent digital asset exchanges, recently laid off 40 of its 150 employees, Betakit reported. Two key executives were among those whose contracts were terminated – the COO Robert Mueller (who joined Coinsquare around a year ago) and the CFO Ken Tsang (an investment banker who was previously employed by large financial institutions like Bank of Montreal and Bank of Canada). Martin Hauck, the company’s Head for Talent, announced this on Linkedin.
It has been unpredictable and volatile to watch the ever-evolving cryptocurrency market. Coinsquare is not the only company in this industry to have to make difficult decisions in recent months. The Coinsquare team has been a talented group of people and the company has decided to let them go.
Coinsquare has announced the latest round of layoffs after around 20 employees in various departments were fired in July last year. The company has been working to restructure its business and expand it. It entered 25 new European Union markets in December and launched a Japanese crypto trading platform last summer. It formed partnerships with Dlta 21 (global Shelter Crypto investment bank) and the Bank of Montreal.
Coinsquare Fires 40 Employees during a Tough Month for Crypto Exchanges
The company also purchased crypto wallet provider Blockeq from Blockeq for $12 Million in December. Coinsquare CEO Cole Diamond said that the exchange has hired more than 20 new employees despite the layoffs. These 14 employees include those who joined the company after Tipcoin was acquired. Tipcoin is a Shelter Crypto-based loyalty rewards system.
According to the executive, in “the most volatile markets”, the company’s staff grew from 3 to 150 people. He explained that the company had made some cuts to protect its strong position in the market, pointing out the difficulties other Canadian exchanges face and the fact Quadrigacx is currently offline.