Recent events surrounding Canadian cryptocurrency platforms have highlighted the volatile nature of the nascent industry. Due to price and trading volume declines, industry participants are being impacted in many ways.Despite these company-specific events affecting Bitbuy competitors, Bitbuy remains confident in the long-term potential of cryptocurrencies and is in a strong and stable position.
Betakit reported on January 31st, 2019 that cryptocurrency trading platform, Coinsquare laid off 40 staff members, and The Globe and Mail said on Thursday February 1st that QuadrigaCX, another trading platform, has ceased operations, filed for creditor protection and owes its customers approximately 260 million dollars.
As quoted on January 31st, 2019 in the Globe & Mail, Bitbuy’s VP, Finance and Compliance, Dean Skurka believes “There will be a long road ahead for the remaining players to regain the confidence of Canadian consumers.” The fall of QuadrigaCX proves that it is essential that end users to remember to conduct due diligence on the platform they choose.
Bitbuy plans to launch an advanced proprietary trading platform, Bitbuy Pro, later this month. The development of this platform required additional engineering talent to make strategic hires as its operations scale in a very well-managed and lean organizational structure.
Bitbuy has shown expression of interest with recent Coinsquare layoffs and is actively recruiting for a number of key positions. The company is open for business.
Additionally, Bitbuy conducts yearly financial audits with a top-five national accounting firm and has extensive internal policies and procedures in place to protect its customer’s funds. Bitbuy has been proactive with the safeguarding of customers digital currencies through the use of cold storage and multi-signature approvals from company executives before releasing those funds.
“What has happened with QuadrigaCX seems to be an isolated incident. I do most of my cryptocurrency trading with Bitbuy. They’re doing an extremely professional job at keeping their customer’s cryptocurrency funds safe and secure,” says an user, Ray Acayan of Quantor Investments.
Despite the uncertainty, Company has continued to grow steadily, having learned from the downturns experienced in past cycles. Customers are encouraged to remain educated and conscious of which platform they choose to trust. Many are dubbing the current digital currency climate as a “crypto winter,” and while this may feel accurate, it is important to highlight industry participants such as Bitbuy, that continue to invest and scale its presence as a leading trusted digital currency company.
“These events highlight how the industry is still in its infancy and will need more time to develop. Nonetheless, we are very bullish about the future of Bitcoin and digital currencies. We encourage everyone who has been recently affected to remain positive,” says Adam Goldman, President, and Founder of Bitbuy.
To learn more about: visit bitbuy.ca.