The chief executive of Coinsquare, Cole Diamond, said that the QuadrigaCX saga is obviously very bad for cryptocurrency in Canada, and points out that his blockchain team will help with the recovery process at QuadrigaCX.
The Coinsquare CEO warned that the QuadrigaCX saga will have a 'chilling' effect on the overall cryptocurrency market, especially in Canada itself.
He told BNN Bloomberg’s Jon Erlichman and Amber Kanwar that at end of the day, there are now over 100,000 people that have their money locked away with QuadrigaCX, without knowing what’s going to happen to their funds.
'These are 100,000 people who are early adopters, the biggest supporters of the space, quite frankly. So, without them in the space, that’s a pretty big issue for that next level of growth', the CEO said.
Diamond believes that the sector first needs to address a number of important issues before it can show any signs of sustained growth.
'We need to start fixing a lot of the underlying problems that exist in the market right now, particularly the fact that crypto is unforgiving and also the fact that exchanges are not regulated. Fix those two problems and we’re ready for the next big wave', the CEO said.
When he was asked where Coinsquare stores their passwords, he jokingly responded by saying that he has them in his 'back-left pocket'.
He quickly turned serious when he explained that Coinsquare passwords are stored very safely, having multiple people, from different provinces, who all have access to them.
'All our cold and hot storages are safe', he said. 'We have a very strong recovery process in place. Coinsquare is very, very safe.'
Diamond concluded the interview by saying that Coinsquare has offered its blockchain team’s expertise to help with the recovery process at Quadriga.
'I think they’ll get some of it back', he said.
We are sure Canadians are delighted to hear that.