Reportedly, one of Canada's leading cryptographic exchanges, Coinsquare, is laying off nearly 30 percent of its staff, including its chief financial officer (CFO) and its chief operating officer (COO). The news was reported by the Canadian startup and technology news platform BetaKit on January 31.
Coinsquare did not return the request for comments or confirmation from @ ericsson17 before the close of this edition.
Citing multiple sources, BetaKit estimates the total number of layoffs in around 40 team members, which represents 27 percent of the company's workforce that previously had 150 employees.
Martin Hauck, director of talent at Coinsquare, yesterday posted a message from LinkedIn that "the constantly evolving space of digital currency and cryptocurrency has been unstable and unpredictable", and that Coinsquare is one of the many companies in the industry who is forced to make difficult decisions.
BetaKit notes that some of the top-ranked employees on the exchange, including Chief Operating Officer Robert Mueller and CFO Ken Tsang, are among those who terminated their contracts. According to reports, both executives were hired about a year ago.
After the layoffs were announced to staff yesterday morning, Coinsquare CEO Cole Diamond conducted an interview with BetaKit. He said that despite the new layoffs, the firm had added 23 new employees this year, 14 of which were joined as a result of the Coinsquare acquisition of the Tipcoin loyalty rewards company, based on the block chain.
Diamond noted that, unlike other Canadian exchanges, "Coinsquare has absolutely no problems, [but needs] to manage its resources responsibly," such as:
"We are in the most volatile market that you or I have seen, as a result, we have increased in the last 21 months from three people to a maximum of 150. We have decided to make some cuts to make sure we protect our strong position in the market" .
Diamond said the company's balance sheet included $ 40 million in funds and assets of the company, mainly in cash.
As reported, the Coinsquare portfolio management subsidiary launched two new exchange-traded funds (ETFs) on the Toronto Stock Exchange (TSX) last fall, both linked to the performance of stock-based indexes issued by blockchain companies.
In December, Coinsquare expanded its platform to the European market. The company had also announced plans for an IPO of $ 120 million on the TSX stock exchange, originally scheduled for last September.
Coinsquare is not alone in the option of reducing its number of employees to survive the crisis of the encryption market; The mining giant Bitmain, the blockchain software firm ConsenSys and the decentralized social network Steemit have made important cuts in recent months.
Founded in 2014, Coinsquare is currently ranked 73rd in the world by its adjusted daily transaction volumes, with approximately $ 7.4 million in transactions during the 24 hours prior to printing time.
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