The ramifications of a difficult end to the year continue to be felt by the cryptocurrency industry. And in the case of cryptocurrency exchange Shapeshift, it wasn't particularly a year to remember anyway.
ShapeShift originally launched with no need to register being a key selling point for its services. Yet last year, it was forced to introduce know your customer checks on its customer base, introducing compulsory registration, and experiencing a sizeable backlash for going back on what many felt the exchange stood for. That said, ShapeShift was somewhat boxed into a corner, thanks to incoming regulatory pressures that continued to play out throughout 2018. It effectively made the move voluntarily before it had no choice but to do so.
The latest announcement from the company is that it's had to reduce the size of its team by a third, letting 37 of its employees go.
CEO Erik Voorhees made the announcement in a blog post, reflecting that many other crypto firms are having to made similar cuts "in this latest bear market cycle". He apologies to the staff affected as part of his post.
He also conceded that they'd grown the business too quickly. By trying out lots of new things too soon, "they were pulling our attention in too many directions", adding that "ultimately, the whole of this family of projects was less than the sum of its parts".
The plan now is to get back to the core business of ShapeShift and build things up again. Voorhees writes that "we're encouraged and hopeful for 2019".
You can read the full post, here.
01/09/2019 / 05:25:45 Source: cryptonewsreview