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ShapeShift is the latest company in the crypto space to lay off staff in the wake of the ongoing slump in the cryptocurrency market.
The entire crypto market capitalization tumbled from $800 billion in January 2018 to around $121 billion in December, with many calling the market downturn as “crypto winter.” Bitcoin price has recovered from the 2018-low of $3,128 hit on December 15, 2018, but continues to trade in a narrow range. BTC/USD is currently trading at $4,024 at the time of writing (Coinbase).
In an online post dated January 8, ShapeShift founder and CEO and Erik Voorhees said that the company flourished during the ascents – growing 3,000% in 2017. However, the crypto recession is similarly dramatic and severe, he added.
“Today, we let 37 employees go, reducing the size of our team by a third. It’s a deep and painful reduction, mirrored across many crypto companies in this latest bear market cycle.”
Pointing towards various tools developed by the company, including CoinCap and projects underway with KeepKey, which it acquired in August 2017, Voorhees said that these projects “were pulling our attention in too many directions.”
He went on to say that what suffered was the company’s “core business” as these initiatives required financial resources, time, and focus, and diverted talent and changed hiring priorities. In addition, ShapeShift’s decision to carry out know-your-customer checks saw a number of API partners to leave the company for its competitors.
“2018 marked a rough year. While this new one starts upon some painful reorganization, we’re encouraged and hopeful for 2019,” he added.
In the past couple of weeks, ethereum production studio ConsenSys and bitcoin mining giant Bitmain have also laid off employees.
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