Canadian cryptocurrency exchange Coinsquare lays off 40 members of staff

Another cryptocurrency exchange has fallen victim to the gruelling bear market, with Canadian exchange Coinsquare letting go of 40 members of staff according to local media outlet BetaKit.

The exchange employs around 150 staff, meaning that the latest exodus has seen its workforce cut by approximately 27%.

One particular member of staff to get the axe was COO Robert Mueller, who was at the company for just over a year.

Mueller was joined by the company’s CFO, Ken Tsang, who has a renowned background in investment banking having worked at BMO and Bank of Canada.

The decision to relinquish 40 staff of their duties was confirmed on LinkedIn by Martin Hauck, Coinsquare’s head of talent.

He wrote: “The ever-evolving digital currency/cryptocurrency space has been volatile and unpredictable. 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.”

The statement continued: “In an effort to assist those affected, we’ve created a list of individuals open to having their profiles shared this way. In the event your company is hiring, or in a position to support them, message me directly and I’ll gladly share the details. I’ll be responding to all messages to ensure we connect as many people to opportunities as possible.”

The news comes three weeks after popular cryptocurrency exchange ShapeShift also announced layoffs, with 37 staff being shown the door at Erik Vorhees’ firm.

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