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Shapeshifter crypto exchange sees “painful reorganization” out of the cryptowinter

Swiss-based crypto exchange Shapeshifter has had to layoff 37 members of its team in order to survive in the harsh crypto winter.

Cryptocurrency exchange ShapeShifthas announced that 37 members of its team is being laid off owing to the cryptocurrency winter.

The Swiss-based exchange’s CEO Erik Voorhees broke the news in a tweet:

Voorhees released an official blog announcement saying that the exchange has felt the “bitter frost” of the crypto winter. He apologised to the team members who are being laid off, saying that the seperation of the team is painful and that he is “sorry to have put [them] through it”.

The news explains how 2017 saw a great amount of growth, but 2018 knocked the exchange from all sides, from legal issues, people and structural issues, financial and customer issues and that the “rough” year resulted in the reorganization.

Voorhees also offered an optimistic note, striking a tone that holds hope for the future:

Booms and busts are intrinsic to any frontier. And while comfort out here is elusive, passion and opportunity are abundant.”

Jesse Powell, CEO of San Francisco-based crypto exchange Kraken, replied to the announcement, commenting that he is “bullish” despite the negative news: