Canadian crypto currency exchange Coinsquare became the latest victim of the prolonged downturn in the stock market and forced to lay off about one-third of employees.
Cryptocurrency exchange Coinsquare from Canada, was the next company in kriptonyte which to fire their employees, because the market is going through difficult times.
Was a hard period for kriptonyte and no one feels it more than the employees of companies associated with cryptocurrencies, who in recent weeks has regularly reported on the need for restructuring. As reported, on Coinsquare fired 40 employees, about a third of their number.
Apart from increased burden of regulatory requirements, crypto currency exchange is currently experiencing and the massive decline in the price of Bitcoins, which is at about $3500. It can not affect participants of the stock market that we now see in the case of reduction of employees of numerous kryptomere and industrial companies.
Disturbing trends in kriptonyte
Head of division employees in Coinsquare, Martin hawk, said on Linkedin about job loss. Hauck noted that the unpredictable and volatile nature of the stock market in recent months is the main reason of layoffs.
It is believed that canadian crypto currency exchange had about 150 employees, and according to reports, the number of people who lost their jobs in this wave of layoffs is approaching 40.
Like many of cryptomnesia in the last year who were trying to grow and expand, Coinsquare became a victim of its own success in a downward market. In July last year, they fired 20 employees, planning the restructuring and expansion to other markets, including Japan. In December, the exchange announced that it plans to release another 25 new markets in the EU and has acquired a provider of crypto-wallets Blockeq.
The situation with Coinsquare is only the latest alarm about the loss of jobs, kriptonyte that are rocking the industry. In the last two weeks edition of CCN reported that even crypto-giant Huobi firing employees, and preparing for the worst.
Over the past two months and other companies such as Bitmain Technology, Shapeshift, Steemit and Coinfloor announced the job cuts in connection with the uncertainty of future markets.
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