The Swiss crypto exchange ShapeShift announced yesterday that it has laid off a third of its team — or 37 of its employees.
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
Erik Voorhees, the exchange’s CEO, mentioned the “latest bear market cycle” as the main reason behind the staff cuts — in the post “Overcoming ShapeShift’s Crypto Winter and the Path Ahead” — sharing similar challenges as the ones faced by other industry leaders.
Voorhees described the process as “a deep and painful reduction, mirrored across many crypto companies in this latest bear market cycle,” — citing legal issues, people and structural issues, problems with customers and financial issues as factors contributing to it.
However, the CEO also shared a hopeful message:
“2018 marked a rough year. While this new one starts upon some painful reorganization, we’re encouraged and hopeful for 2019.”
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