The company supposedly laid off more than 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
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.
But we’re uncertain whether or not a strong strategy can save the company in this bear market.
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.”
According to BetaKit, 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.
Yet, it hasn’t been all doom and gloom for the now unemployed talent at Coinsquare. In 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.
As hinted at earlier, Coinsquare is the most recent crypto-centric firm to have laid off a mass of its employees.
Bitmain, a Beijing-headquartered Bitcoin mining powerhouse, purportedly began to recently drop much of its mining division (not ASIC manufacturing), with some reports even claiming that the company also lost one of its co-chief executives. Huobi, one of the world’s largest crypto exchanges, has also begun a drastic purge, with the company’s head honcho telling outlets that 100 positions had been purged.