ShapeShift Lays Off 37 in Latest Round of Crypto Industry Cutbacks

Crypto exchange ShapeShift has announced a round of layoffs, citing a range of difficulties including a tough market climate.

In a blog post published Tuesday, CEO Erik Voorhees wrote that the startup had laid off 37 employees, or a third of its staff. He described the process as “a deep and painful reduction, mirrored across many crypto companies in this latest bear market cycle.”

As Voorhees noted, ShapeShift isn’t the only crypto startup to move to trim its workforce in recent weeks. As CoinDesk previously reported, ethereum production studio ConsenSys announced a 13 percent staff cut in early December. More recently, chat startup Status and bitcoin mining giant Bitmain confirmed that they were cutting staffers.

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