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:
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
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:
This industry throws you 100 curveballs and then you find out the game is soccer. You have not lost clients’ money. You provide a valuable service. You have a strong brand. You employ 70 people. You change course and you survive. I’m bullish. #trueleadership
— Jesse Powell (@jespow) January 9, 2019