ShapeShift Reduces Staff Due To Situation On Crypto Market
ShapeShift, a company providing services for instant crypto exchange, has reduced employees because of the deteriorating situation on the cryptocurrency market, the company's CEO Erik Voorhees reported in the blog.
The executive director of ShapeShift claimed that it was difficult to take such a step, but the current state of affairs on the crypto market forced him to dismiss 37 employees. Thus, the platform has lost almost a third of its 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 as a company. "Overcoming ShapeShift’s Crypto Winter and the Path Ahead" by @ShapeShift_io https://t.co/1eNT54eyPp #bitcoin— Erik Voorhees (@ErikVoorhees) 8 января 2019 г.
Ups and downs are the integral part of any business. When the market situation is favorable, it allows the company to grow fast and flourish. Thus, the total capitalization of the ShapeShift assets in 2017 increased by 30 times, Voorhees stressed. However, when there is a market downturn, the situation unfolds in the opposite direction.
It was a painful decision to reduce the number of employees, but many crypto companies are doing this in the current situation, the head of ShapeShift believes. Apart from the fall of the crypto market and legal uncertainty regarding the sphere of cryptocurrencies, the platform is under pressure from its own projects, which it cannot implement yet. These include the CoinCap tracking service and the KeepKey hardware wallet.
At the end of his post, Voorhees wished good luck to the dismissed employees and expressed confidence that the platform would find the strength to overcome all obstacles.
Earlier, Bitmain, the major manufacturer of mining equipment, reported the large-scale staff reduction.