Big changes at a Canadian exchange Coinsquare, 40 employees laid off

Canadian exchange Coinsquare lays off 40 employees across multiple departments, including some higher-ups, BetaKit reports. Company’s COO Robert Mueller and CFO Ken Tsang, both appointed just about a year ago, have lost their positions.  

“The ever-evolving digital currency/cryptocurrency space has been volatile and unpredictable,” wrote Martin Hauck, Head of Talent at Coinsquare. “Many similar companies in our industry have had to make some tough choices in recent months and Coinsquare has had to as well. The company has made the decision to part ways with a number of talented members of the Coinsquare team. All of which have made their own impact and contribution to our success so far, for which we are extremely grateful for.”

Those are not the first layoffs since cryptocurrency prices began tanking either—the company started downsizing in July when it dismissed 15 employees. However, Coinsquare’s CEO Cole Diamond pointed out that the company hired 23 net new employees just in January, most of whom had come from the recent acquisition of Tipcoin, a firm that offers blockchain-based loyalty rewards.

Just last month, the company expanded to Europe and bought a cryptocurrency wallet BlockEQ.