ShapeShift, a platform for instant exchange of cryptocurrency, reported on Tuesday, January 8, a significant reduction in staff, citing as the reasons the general deterioration of the market situation.
As the head of the company, Eric Vorges, said, he had to say goodbye to 37 employees with a “heavy heart,” which is about a third of the company's total staff.
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. "Overcoming ShapeShift's Crypto Winter and the Path Ahead" by @ShapeShift_io https://t.co/1eNT54eyPp #bitcoin
– Erik Voorhees (@ErikVoorhees) January 8, 2019
"This is a deep and painful reduction, consistent with the actions of many other cryptocurrency companies during the last cycle of the bear market, " wrote Vorges.
According to him, cryptobusiness is a cruel thing. So, in 2017, the market capitalization of ShapeShift due to the rise of the market increased by 3000%, but everything changed very much in 2018.
Eric Vorges notes that in addition to the legal uncertainty faced by the industry, ShapeShift does not cope with all the initiatives taken. In particular, he mentioned the CoinCap tracking service and the KeepKey hardware wallet.
It is curious that the head of ShapeShift also admitted that last year’s decision of the company to verify customers had led to a significant reduction in the user base.
Wishing good luck to all the foxes who left the company (ShapeShift symbol), Eric Vorges expressed the hope that the company would find strength and discipline that would help it overcome all obstacles and come to a victory for the world without borders and an apolitical financial system.
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