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Canada’s Crypto Market in Trouble, QuadrigaCX Fiasco and Coinsquare Staff Layoff

[Published: 2019-02-05T13:02:47Z] [Author: Nick Chong] [Powered by:]

It has become abundantly apparent that the Bitcoin crash-induced crypto winter hasn’t managed to seduce bears. The crash in the broader cryptocurrency market, which sent investors running en-masse, has resulted in a number of layoffs at this (not so) budding sector’s most preeminent firms.

Coinsquare, a leading exchange headquartered just north of the U.S., is the most recent notable company to have commenced layoffs, as the wrecking ball — the tumbling Bitcoin price — has struck with no holds barred.

Coinsquare Cuts 30% Of Staff As Bitcoin Rut Hits Home

It seems that the deep freeze that the U.S. midwest has found itself in has spread north. According to an exclusive from Canadian media outlet BetaKit, which has focused its reporting on fintech, the Toronto-based Coinsquare laid off a good portion of its staffers on January 31st.

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.

Interestingly, even key members of the Coinsquare team — C-suite members — 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 Cole Diamond did his best to back his company’s sudden shift in strategy.

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 ...