ShapeShift, a platform for the instant exchange of cryptocurrencies, reported on Tuesday, January 8, a significant reduction in personnel, citing as reasons the general deterioration of the market situation.
As the company's boss, 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 say goodbye to 37 people. We have published a blog on this page, also on some of our trainings. "Surpassing Crypto Winter by ShapeShift and the road 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 Vorhes.
According to him, cryptography is something cruel. Thus, in 2017, the market capitalization of ShapeShift due to the rise of the market increased by 3000%, but everything changed a lot in 2018.
Eric Vorges points out that in addition to the legal uncertainty facing the industry, ShapeShift does not face 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 the decision of the company last year to verify that customers had led to a significant reduction in the user base.
Wishing good luck to all the foxes that left the company (symbol ShapeShift), Eric Vorges expressed the hope that the company will find the strength and discipline to help him overcome all obstacles and achieve a victory for the world without borders and an apolitical financial system.
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