Canadian cryptocurrency exchange Coinsquare cut 27% of its staff. The company fired 40 employees, including several top managers, including operations Director Robert Mueller (Robert Mueller) and the financial Manager Ken Tsang (Ken Tsang).
“The cryptocurrency space is very volatile and unpredictable. In recent years, many companies take such decisions. Coinsquare is no exception,” said the Manager of the exchange , Martin Hauck (Martin Hauck) on his page in LinkedIn.
CEO Coinsquare Cole diamond (Diamond Cole) explained that despite the latest wave of cuts since the beginning of the year, the company hired 23 new employees, 14 of whom joined after the acquisition of the startup Tipcoin involved in the development of loyalty programs on the blockchain .
“Coinsquare do not experience any problems, but we need a more responsible approach to spending. – We work on the most volatile market of all existing. In 21 months we’ve grown from three people to 150, so I decided to make some cuts to continue to ensure a strong place in the market.”
We will remind, in December 2018 Coinsquare officially started work in 25 countries of the European Union. According to Cole, the company’s assets amount to about $40 million, most of which are placed in the Fiat.
Since the beginning of 2019, several major exchanges have gone for maintenance for an indefinite period due to the lack of liquidity and financing problems – Coinpulse, QuadrigaCX, Liqui.