Bitcoin
$ 23,947
Ethereum
$ 1,880.1
Litecoin
$ 61.14

Toronto-based FinTech, Wealthsimple, Lays Off 159 Employees

Canadian fintech company, Wealthsimple has announced plans to lay off 159 employees from its service.

The company had 1,262 employees before this.
Wealthsimple’s CEO, Michael Katchen disclosed this in a letter addressed to employees.

The company said in the letter, that its customers were currently living in uncertain times, in a very difficult economy.

The company, allows customers to buy and sell cryptocurrencies on its platform.
It also engages in the sale of stocks and exchange-traded funds on major Canadian and U.S Exchanges.

However, the company now says that it will shift its attention to investing and banking, through which it will provide customers with tax and merchant services as well as peer-to-peer payments.
“If you’ve been with us over the past two years, you know it’s been a time of immense volatility.

Just about anyone who made predictions about how the pandemic would affect the economy was wrong about one thing or another. The markets crashed. Then they soared. Our business grew at an unprecedented rate, and we have been aggressively building to meet the needs of a wave of new clients since then.
Of course, volatility works both ways, and we’re seeing the other side of it now as the pandemic market conditions unwind.”Katchen said in the letter.

Before now, Wealthsimple was regarded as one of Toronto’s leading FinTech companies. Making a name during the COVID-19 pandemic, Wealthsimple is reported to have made a profit of about $900 million since its inception.

About the author

A Nice Man

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Report Says $1 Billion Lost To Scams Linked To North-Korean Hackers
August 16, 2022By
Nigeria and India To Partner On Development of FinTech, AI
August 16, 2022By
Israeli Police Arrest Suspects Over Multi-million Dollar Crypto Theft
August 16, 2022By

Advertisement

Video Posts

In
Impact Of Technology On 4.0
July 6, 20210
In
Importance Of Cryptography
July 3, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin23,947 0.56 % 0.40 % 0.52 %
Ethereum1,880.1 0.60 % 0.85 % 5.88 %
Tether1.001 0.13 % 0.08 % 0.10 %
USD Coin1.000 0.06 % 0.07 % 0.04 %
BNB315.64 0.74 % 0.82 % 2.86 %
Cardano0.5627 0.46 % 1.02 % 4.70 %
XRP0.3757 0.47 % 0.41 % 0.99 %
Binance USD1.001 0.06 % 0.04 % 0.11 %
Solana43.15 0.08 % 1.88 % 2.36 %
Dogecoin0.08530 0.76 % 9.92 % 21.50 %