Blockchain 

Polymath Stops Two Projects, Lays off 10 to Focus on Security Token App

Ethereum (ETH)-based security token platform Polymath will terminate its two planned in-house projects to focus further on bringing securities onto blockchain, the firm announced in a blog post on July 4. Polymath is funneling the company’s newly freed resources towards its Polymath Token Studio, a decentralized application (dApp) that has reportedly enabled the issuance of over 130 security tokens to date, the company said in the announcement. As a part of the announcement, Polymath has laid off 10 employees who were working on the two discontinued product initiatives. The company…

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Bitcoin 

Egypt Lays Out Path for a Crypto Future With Draft Law

In the end of May 2019, the Central Bank of Egypt (CBE) announced that it is working on a draft law for crypto-related activities. When introduced, it will oblige financial institutions in the country to obtain licenses in advance for creating, advertising or operating platforms that issue or facilitate trading of cryptocurrencies. Licenses will be issued by the CBE’s board of directors. This marked the first step the Egyptian government made toward the legalization of activities related to cryptocurrencies. Is Egypt defining its stance on crypto? The state’s attitude toward the…

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Blockchain 

Blockchain Smartphone Startup Sirin Labs Lays Off a Quarter of Its Workforce

Blockchain smartphone startup Sirin Labs laid off a quarter of its workforce, Israeli business media Globes reported on April 15. Per the report, the startup admitted to having laid off 15 of its 60 employees and having overestimated the sales of their Finney blockchain smartphone. A spokesperson for the company reportedly said that it will now focus on software development and distribution. Sirin Labs also purportedly denied previous reports that the company had failed to pay wages to its employees. The report also notes that the founder of the company,…

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Bitcoin 

Report: Crypto Miner Hut 8 Lays Off More Staff

Canadian Bitcoin (BTC) mining  firm Hut 8 has reportedly laid off employees at its facilities in the province of Alberta, the Canadian Broadcasting Corporation (CBC) reports April 4. Hut 8’s crypto mining facilities in Drumheller and Medicine Hat are part of a joint venture with European crypto mining hardware firm Bitfury.   A former employee at the Drumheller facility told the CBC that he was laid off along with two dozen colleagues in January. He reportedly stated that the company reduced its staff by around 25% globally at the time,…

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Bitcoin 

Canadian Crypto Exchange Coinsquare Lays Off 40 Employees

One of Canada’s top crypto exchanges, Coinsquare, is reportedly laying off almost 30 percent of its staff, including its chief financial officer (CFO) and chief operating officer (COO). The news was reported by Canadian startup and technology news platform BetaKit on Jan. 31. Coinsquare did not return Cointelegraph’s request for comment or confirmation by press time. Citing multiple sources, BetaKit estimates the total number of redundancies at around 40 team members — representing 27 percent of the company’s formerly 150-head workforce. A LinkedIn post from Coinsquare’s head of talent, Martin…

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Blockchain 

Swiss Crypto Exchange ShapeShift Lays Off a Third of Its Team

Switzerland-based cryptocurrency exchange ShapeShift has laid off a third of its team, the exchange’s CEO Erik Voorhees announced in a tweet today, Jan. 8. According to a company blog post accompanying the Twitter announcement — entitled “Overcoming ShapeShift’s Crypto Winter and the Path Ahead” — ShapeShift has laid off 37 of its employees, reducing the size of its team by a third. In the post, Voorhees attributes the staff cuts to the “latest bear market cycle,” noting that the company’s “greatest and worst financial decision [was] to embrace substantial exposure…

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Ethereum 

Ethereum-Based Chat Platform Lays Off 25% of Staff Due to Crypto Market Decline

Ethereum (ETH)-based chat platform Status is laying off 25 percent of its staff due to the recent cryptocurrency market decline, according to a post published Dec. 11. Founded in 2017 in Switzerland, Status is an open source Ethereum-based mobile app that enables its users to chat, transact, and access decentralized applications (DApps). In the announcement, the startup’s co-founder Jarrad Hope said that Status is “much larger than we can sustain” in the environment of the declining market, wherein the company was not prepared for scenarios of ETH dropping over 80…

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