Swan Bitcoin abandons IPO plan, lays off employees, and will shut down mining division

ChainCatcher news, according to CoinDesk, Bitcoin financial services company Swan Bitcoin has abandoned its plans for an initial public offering, shut down its managed mining division, and laid off employees in multiple departments.

Swan CEO Cory Klippsten stated on social media that the company will continue to provide Bitcoin (BTC) financial services and free Bitcoin education, "As we no longer expect to generate significant short-term revenue from our managed mining division, we have decided to cancel our recent IPO plans."