Coinsquare, a cryptocurrency exchange based in Canada on January 31 laid off approximately 40 of its employees. The cut-off was attributed to the volatile and unpredictable nature of the market, reports a media outlet.
Coinsquare Lays Off Approximately 40 of its Employees
Based on reports, Coinsquare has laid off approximately 40 of its employees which accounts for 27 percent of its workers. The company is said to have had 150 employees before the new development. Also, they had first laid off 20 workers in July last year before its most recent cut-off.
Further reports reveal that those who have lost their jobs cut across various departments in the company. Also, reputable members of the exchange have not been spared given that Ken Tsang and Robert Mueller, the company’s CFO and COO have been affected. Tsang and Mueller reportedly began working for the company about a year ago.
Company’s Head of Talent Confirms the News on LinkedIn
While confirming the news on LinkedIn, Martin Hauck Head of Talent at Coinsquare said an effort had been made to assist the affected workers. According to him, the company has created a list of its former workers and publicly shared their profile on LinkedIn. Therefore, they will serve as a link between these people and potential companies that may be willing to employ them.
Hauck also outlined that these are talented individuals who have contributed immensely to the company, however, a tough decision had to be made. He pointed out that several other companies in the industry have had to lay off workers due to the volatile and unpredictable nature of the crypto space.
Coinsquare’s CEO Says 23 People Have Been Hired This Year
Despite these layoffs, Cole Diamond, Coinsquare’s CEO told the media outlet that 23 people had been hired this year. The CEO also cited the case of QuadrigaCX exchange which BTCNN informed on January 30, to have gone offline. In Diamond’s opinion, some exchanges in the country are in trouble, however, “Coinsquare is in absolutely no trouble.”
The CEO also said:
We’re in the most volatile market that you or I have ever seen…we have to be prudent in the way in which we use resources, and money’s not flowing into our market at the same rate it was in the past.
On December 27, BTCNN also reported of Bitmain, a supplier of Bitcoin miners and Huobi, a Singapore-based cryptocurrency exchange who had made plans to lay off some of their workers due to the bear market. The falling rates in the prices of most digital assets may have triggered these developments. It can also be attributed to bitcoin’s 80 percent decline in price since its all-time high of $20,000 in December 2017.