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.
Coinbase Engineers Get Laid Off After Chicago Office Shuts Down
Euro Poll: Cryptocurrencies Will Still Be Around In Ten Years Time
“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.
Samsung Electronics Tech Giant Is Testing The ERC20 Blockchain For A New Mainnet
“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.’’
New IBM Patent For Mobile Data Sharing Using DLT
“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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