Platform for instant cryptocurrency exchange ShapeShift announced on Tuesday, January 8, significant reduction of staff, describing the reasons for the deterioration of the situation on the market.
As stated by the head of the company Eric Works, with “a heavy heart” he had to say goodbye to 37 employees, which is about one third of the total staff of the company.
With a heavy heart, today we laid off 37 people. We’ve published a blog on this, also discussing some of our missteps and lessons as a company. “Overcoming ShapeShift”s Crypto Winter and the Path Ahead” by @ShapeShift_io https://t.co/1eNT54eyPp #bitcoin
— Erik Voorhees (@ErikVoorhees) January 8, 2019
“It is a deep and painful reductions corresponding to the action of many other cryptocurrency companies during the last cycle of the bear market”, — wrote Works.
According to him, cryptobytes is a cruel thing. So, in 2017, the capitalization ShapeShift due to the rise of the market increased by 3000%, however, have changed dramatically in 2018.
Eric Vorhes notes that in addition to the legal uncertainty faced by industry, ShapeShift cannot cope with all the undertaken initiatives. In particular, he mentioned a tracking service CoinCap and hardware cosalc KeepKey.
It is curious that the head of the ShapeShift also admitted that last year the company’s decision on mandatory verification of customers has led to a significant reduction in user base.
Wishing good luck to all left the company “foxes” (symbol ShapeShift), Eric Works expressed the hope that the company will find the strength and discipline that will help her to overcome all obstacles and to come to win a world without borders and apolitical financial system.
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