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September 25, 2015

Bitpay slashes jobs to cut costs

News: Bitcoin payment processor is trying to reduce costs, and will make staff redundant.

By Charlotte Henry

Bitcoin payment processor Bitpay is cutting back staff in order to reduce costs. It is thought 20 roles will be made redundant.

The news was announced to staff via an email from chief executive Stephen Pair. In it he said:

"It saddens me to have to deliver this news as it has been an honor to get to know each and every one of you and my privilege to work with you. And I know [executive chairman] Tony [Gallippi] feels the same way."

Bitpay allows companies to process Bitcoin payments. It works with organisations such as online retailer Rakuten, charity Save the Children, and online payment firm PayPal.

The firm has received $32.5m in funding to date, over three rounds.

Somewhat bizarrely, at the time of writing, Bitpay was still advertising for new staff on its website.

Bitpay was still advertising for new staff even as it made redundancies.

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