ShapeShift, Denver cryptocurrency company, lays off one-third of staff

By Kate Tracy, BusinessDen

ShapeShift AG, one of the largest names in Denver’s nascent cryptocurrency scene, mentioned it has laid off 37 folks – one-third of its staff.

CEO Erik Voorhees introduced the layoffs final week in a surprisingly lyrical weblog publish, at one level referring to these let go as “departing foxes” in a nod to the corporate’s brand.

“The latest crypto winter is upon us, and today ShapeShift felt the bitter frost,” he started, later including, “Crypto, like the moon we strive toward, is a harsh mistress.”

The layoffs got here after a yr of steadily falling cryptocurrency valuations, and three months after the corporate performed a number one position in a Wall Street Journal investigation.

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