According to social media postings and sources familiar with BitPay the company has laid off 9 employees today. These layoffs come not long after BitPay has finished spending on the first of three Bitcoin Bowls they have committed to sponsor in an obligation that runs through December 2016.

It is unknown if the layoffs reflect a systemic overspending problem at BitPay which could burn through the funds they have raised from venture capitalists, or if the layoffs were taken to address an excess of hiring beyond that necessary for their labor needs. Bitpay has historically been known for "celebrity hires" like their hiring of Bitcoin Foundation board member Elizabeth Ploshay as an account manager in the Summer of 2014.

Qntra has not yet reached out to BitPay for comment on this matter.