Canadian crypto exchange Coinsquare cuts 40 employees to “strengthen its position”
Coinsquare, one of Canada’s leading crypto exchanges, is cutting about 30% of its staff, including its COO and CFO, BetaKit reports, citing multiple sources. According to their data, 40 employees will have to say goodbye to the company..
Coinsquare’s head of recruiting, Martin Hauck, posted a note yesterday on LinkedIn, where he said that “the never-ending cryptocurrency space was volatile and unpredictable,” and their company was just one of many who had to take such a step..
Coinsquare CEO Cole Diamond said in a conversation with BetaKit that despite the latest wave of layoffs, the company has hired 23 new employees since the beginning of the year, 14 of whom have joined as a result of the acquisition of Tipcoin, a blockchain-based loyalty program startup. .
“Coinsquare is not experiencing any problems at all, but we should be more responsible in spending resources,” he said. – We work in the most volatile market of all that we have seen. As a result, in 21 months we have grown from three people to 150. We decided to make some reductions in order to ensure the ability to firmly take our place in the market. “.
According to him, the company’s assets are about $ 40 million, most of which are placed in fiat..
Coinsquare was founded in 2014 and currently ranks 73rd in terms of daily trading volume.
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