Coinsquare Cuts 30% Of Staff As Bitcoin Rut Hits Home<\/h2>\n
It seems that the deep freeze that the U.S. midwest has found itself in has spread north. According to an exclusive<\/a> from Canadian media outlet BetaKit<\/em>, which has focused its reporting on fintech, the Toronto-based Coinsquare laid off a good portion of its staffers on January 31st.<\/p>\n Citing sources with familiarity with the unfortunate debacle, the company purged 40 employees across the board, bringing its cumulative headcount down to ~150. This represents a 27% reduction in total staffers.<\/p>\n Interestingly, even key members of the Coinsquare team \u2014 C-suite members \u2014 were also shown the door. Robert Mueller, the chief operating officer of the upstart, and chief of finance Ken Tsang were two executives, both hired at the peak of 2017’s parabolic rally, purportedly were handed exit slips. Speaking on the matter of this recent purge, chief executive\u00a0Cole Diamond did his best to back his company’s sudden shift in strategy.<\/p>\n Diamond remarked that the current market conditions, which he deemed are the “most volatile that you or I have ever seen,” has forced Coinsquare to make some tough choices, specifically to protect their hegemony in the Canadian crypto ecosystem. In fact, the Canadian entrepreneur explained that Coinsquare needs to be “prudent” in the way it uses its capital, as it needs to stay afloat to fulfill its long-term goal of creating an institution that “has a real chance at changing the world.”<\/p>\n According to BetaKit<\/em>, this is the second time that Coinsquare has employed the use of layoffs amid dreary market conditions to extend financial runways in a bid to bolster the company bottom line. The last layoff came in July of last year, which saw a relatively mere 20 employees lose their stints at the company.<\/p>\n Yet, it hasn’t been all doom and gloom for the now unemployed talent at Coinsquare.\u00a0In a gesture of goodwill and human decency, Martin Hauck, Coinsquare’s head of talent, recently took to LinkedIn to express his condolences, while announcing a plan to get those recently laid off a chance at a fresh start. Hauck explaining that he’s grateful for what the Coinsquare team has accomplished, added that he intends to see other companies, whether they are situated in the crypto, blockchain, or fintech industries, pick up the lost sheep of Coinsquare.<\/p>\n Regardless, this dramatic layoff couldn’t seemingly come at a worse time for Coinsquare. Per previous reports<\/a> from NewsBTC<\/em>, the company forayed into Europe in December, offering the whole kit and caboodle, including support for the trading of Bitcoin, Bitcoin Cash, Ethereum, Litecoin, XRP, and other notable cryptocurrencies, in 25 E.U. nations.<\/p>\n Coinsquare, a Canadian crypto exchange, is entering the European market to help businesses in the flowering industry with fiat pairs, including Ripple-to-fiat. @newsbtc<\/a> Read more here: https:\/\/t.co\/EDfReUHGaL<\/a><\/p>\n — Skrumble Network (@SkrumbleNetwork) August 25, 2018<\/a><\/p><\/blockquote>\n![\"\"](\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/shutterstock_1133566919-e97.jpg?resize=3000%2C2254\")
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