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Canada’s Top Crypto Exchange Coinsquare Lays Off 30% Of Its Staff: Report

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Coinsquare, one of the largest crypto exchanges in Canada is laying off nearly 40 people which are 30 percent of its staff including the chief financial officer (CFO) and the chief operating officer (COO) according to the crypto news coming from the Canadian Startup new platform BetaKit.

Coinsquare hasn’t made any comments yet but according to sources, about 40 team members have been laid off out of the 150 employees who are part of the exchange’s head workforce.

Martin Hauck-Coinsquare’s head of talent posted on LinkedIn that ‘’the ever-evolving digital currency space has been volatile and unpredictable’’ and this is one of the reasons that Coinsquare joined the multiple companies that were forced to make staff cuts.

According to BetaKit, some of the highest-ranked employees such as COO Robert Mauller and CFO Ken Tsang have their contracts terminated after working for over a year.

After the layoffs, Coinsquare CEO Cole Diamond said that despite the fresh cuts the firm has planned a new team of 23 employees, 14 of which will be there because of the acquisition of the blockchain-based loyalty company Tipcoin. He pointed out:

 “We’re in the most volatile market that you or I have ever seen. As a result, we’ve scaled up in the last 21 months from three people to a high of 150 people. We’ve decided to make some cutbacks to make sure we protect our strong position in the market.”

He claims that the Coinsquare’s balance sheet is about $40 million in funds most of which is in cash.

Back in December, Coinsquare expanded to the European markets and announced a $120 million IPO plan for September 2019.

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Blockchain News

Coinbase Engineers Get Laid Off After Chicago Office Shuts Down

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Coinbase engineers were reportedly laid off after the company’s office in Chicago closed despite the market going green. As the coming altcoin news inform, the crypto bear market is still hardly influencing the crypto businesses even after it passed. According to the reports, the shutting down of the office is a signal that the major financial players on the market are not ready to get deep into crypto. About the Coinbase engineers layoffs, an executive from the company stated: “Coinbase has consolidated our matching engine efforts into our San Francisco office. This means we are shutting down the matching engine efforts in the Chicago office. We assembled a talented team there and look to relocate a number of them to San Francisco. We’re incredibly grateful to the Chicago matching engine team for their contributions to Coinbase and have benefited from their unique perspectives and skill sets.” The Chicago office was initially opened in May 2018 but just under a year now, the office is closed. The best cryptocurrency news sites headlines all write the same thing: What went wrong and why are the Coinbase engineers getting fired? The major trading platform makes its money from trading fees. This means that when the volume is higher, the more money the exchanges make. However, something didn’t go as planned and the company announced that high-frequency trading is not a priority anymore. This is one of the reasons why about 30 coinbase engineers are now getting fired, most of whom upgraded the back-end systems of the platform. The company also announced its regret for having to fire the coinbase engineers. The question still remains why the company decided to open the Chicago office in the first place. The president of the San Francisco-based company said that the team had managed to boost the trading platform. However, many in the community believe that the company got greedy. High-frequency trading companies make up to half of the daily volume traded on the US market. The trading company struggled to live up to its name especially since Binance has taken huge steps ahead. The Company was condemned by the crypto community after the Neutrino scandal where they hired an ex-hacking expert who sold technology to repressive regime governments. Despite the expansion to 11 countries in Asia and Latin America, the company still had to lay off the hardworking Coinbase engineers.
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Altcoin News

Euro Poll: Cryptocurrencies Will Still Be Around In Ten Years Time

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Euro poll conducted by bitFlyer Europe shows that most of the Europeans believe that cryptocurrencies are here to stay. However, the data that reached our latest cryptocurrency news shows that about 55 percent believe that Bitcoin will be overtaken by other cryptocurrencies. The Euro poll surveyed about 10,000 individuals in ten European countries and it showed that only 55 percent of the participants believe that bitcoin will still be around. Most of them are less confident about bitcoin and believe that other cryptocurrencies will have a brighter future. It seems that the sharp bear market has destroyed the consumer’s confidence in digital assets. During the crypto winter, the market shed off about $700 billion in market cap. This is one of the reasons why the Euro poll participants remain skeptic about the success of cryptocurrencies. For example, people living in Norway were most optimistic according to the Euro poll data where nearly 73 percent of the participants expressed their confidence that cryptocurrencies will still exist in the next ten years. Eve France, as the least optimistic crypto nation, reported that the majority of the people believe that crypto will be here. When announcing the Euro Poll results, the bitFlyer COO stated:
 “These results indicate that the reputation of cryptocurrency has moved beyond hype and become more established. It’s very easy to forget just how new cryptocurrencies still are; we’ve only just celebrated bitcoin’s 10th birthday, so for the majority of consumers to believe in crypto’s future is without a doubt an achievement.”
The most surprising outcome of the Euro Poll survey is that consumers are losing their confidence in Bitcoin. About 50 percent of the respondents believe that Bitcoin will still exist in the next ten years but about 63 percent don’t share the same opinion. This could be a result of the negative press including the reports on exchange hacks and investment losses. Of course, the number one cryptocurrency is always to one to be hit the hardest. The Euro Poll confirms that cryptocurrencies are here to stay in the next ten years. One crypto hedge fund founder wants to bet his house on it. Also, as previously reported in our altcoin news, Anthony Pompliano is willing to stake $1 million bet that crypto will outperform the S&P 500.
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Blockchain News

Samsung Electronics Tech Giant Is Testing The ERC20 Blockchain For A New Mainnet

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samsung electronics tech giant
Samsung Electronics, the Korean tech giant is secretly exploring the ETH-based ERC20 token in order to develop its own mainnet. According to the coming altcoin news from Korea, the blockchain task force of the company has tested multiple versions of the ETH blockchain protocol. The information from Coindesk Korea and the Hankyoreh crypto media outlet write that the Samsung Electronics Company formed a blockchain task force in order to test the few versions of the ETH based blockchain protocols. A source explained:
 “Blockchain task force made several models and are evaluating [them]. There are already several platforms that are functioning after some internal tests.’’
The report also shows that two months after Samsung Electronics introduced the Samsung Blockchain Wallet, the company decides to develop its own mainnet. The company introduced the ERC20 wallet that is now featured on the new Galaxy S10 smartphone. When the Samsung Electronics tech giant first released the crypto wallet early in February, investors were really held back by the fact that the device does not provide support for a bitcoin wallet service and is mostly focused on Ethereum. Samsung Electronics pointed out:
 “Galaxy S10 is built with defense-grade Samsung Knox, as well as a secure storage backed by hardware, which houses your private keys for blockchain-enabled mobile services.’’
Some also believed that the motive behind Samsung Electronics implementing a crypto wallet is the reason that HTC failed to integrate a fully functioning crypto wallet feature. If the tech giant is currently developing an ERC20 token and a new blockchain protocol, then it is possible for the company to integrate a crypto wallet and an easy-to-use platform. Companies in South Korea as the coming altcoin news show are not allowed to issue token via ICOs. This means that investors cannot invest in domestic ICO projects so they had to move to overseas companies in order to conduct private token sales. For a company like Samsung Electronics, going around the local regulations was not an option. An insider for the company told the local news:
‘’Currently the company is considering a private blockchain with a B2B approach but nothing is set in stone. In the long-term, the company could shift to a public blockchain but as of now, the company is likely to go with a public and private hybrid-type blockchain.’’
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Blockchain News

New IBM Patent For Mobile Data Sharing Using DLT

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In the latest cryptocurrency news, we are sharing a new IBM patent awarded to the tech giant for a mobile data sharing method that uses DLT - distributed ledger technology - and is a major leap forward in the blockchain space. Initially published by the United States Patent and Trademark Office (USPTO) on April 23, the new IBM patent focuses on a product, which as described in the filing, represents a continuation of the US patent application filled in November 2017 which is entitled "Information Sharing Among Mobile Apparatus." IBM has proposed a method executed by mobile apparatus in order to verify information that has been shared between two devices. As details show, the platform can collect specific information and deliver it to nearby computing notes, with subsequent publishing of a verified incident event on a distributed ledger. The data obtained will be used to map information updates as part of its performance. Within the system, the new IBM patent will adopt a technology that shares event information among multiple mobile devices with a secure reliability and without any trusted third party in charge. As the document explains:
“Connected objects can be sensed and/or controlled remotely across existing network infrastructure, integrating connected physical objects into computer-based systems. Connected physical objects are uniquely identifiable through their embedded computing system, allowing the connected physical objects to interoperate within the existing Internet infrastructure.”
The new IBM patent is only the most recent novelty in the long list of blockchain related patents. In fact, IBM is one of the companies that are leading in this field. From self-driving vehicles (SDVs) to other blockchain implementations, it excels in creating systems where SDVs interact and predict certain behaviours. One of the recent patents and still a new IBM patent which went viral on many best cryptocurrency news sites was the one for an application that aims to improve the security of permissioned blockchain networks - where IBM outlined a couple of security techniques for withstanding replay attacks while maintaining the valid user permissions and privacy.
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