Coinsquare, one of the largest crypto exchanges in Canada is laying off nearly 40 people which are 30 percent of its staff including the chief financial officer (CFO) and the chief operating officer (COO) according to the crypto news coming from the Canadian Startup new platform BetaKit.
Coinsquare hasn’t made any comments yet but according to sources, about 40 team members have been laid off out of the 150 employees who are part of the exchange’s head workforce.
Martin Hauck-Coinsquare’s head of talent posted on LinkedIn that ‘’the ever-evolving digital currency space has been volatile and unpredictable’’ and this is one of the reasons that Coinsquare joined the multiple companies that were forced to make staff cuts.
According to BetaKit, some of the highest-ranked employees such as COO Robert Mauller and CFO Ken Tsang have their contracts terminated after working for over a year.
After the layoffs, Coinsquare CEO Cole Diamond said that despite the fresh cuts the firm has planned a new team of 23 employees, 14 of which will be there because of the acquisition of the blockchain-based loyalty company Tipcoin. He pointed out:
“We’re in the most volatile market that you or I have ever seen. As a result, we’ve scaled up in the last 21 months from three people to a high of 150 people. We’ve decided to make some cutbacks to make sure we protect our strong position in the market.”
He claims that the Coinsquare’s balance sheet is about $40 million in funds most of which is in cash.
Back in December, Coinsquare expanded to the European markets and announced a 0 million IPO plan for September 2019.
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