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Leading Bitcoin Startup Cuts 37 Staffers
Weeks ago, Dovey Wan, a partner of Primitive Capital, an industry leader in cryptography and informer (of sorts), took his well-followed Twitter soapbox to point out that he expects further redundancies for 2019. Referring to the fact that the staff the holiday season is taboo, and should not be made without a label and human decency, the Chinese bitcoin enthusiast (BTC) wrote:
We'll see more [layoffs] arriving in 2019, especially after the holidays when the employment cycle / human resources intervene.
A few weeks later, eight days after 2019, material reaching Ethereum World News indicates that ShapeShift, the Swiss-based startup behind the ShapeShift exchange, CoinCap, KeepKey, along with other relevant platforms / service providers, has eliminated a mass of employees.
CEO Erik Voorhees, recently dubbed "the last Bitcoin gunman" by Forbes Crypto, brought Medium and his company's official blog to broadcast the unfortunate Tuesday morning news.
With a heavy heart, today we fired 37 people. We have posted a blog on this topic, also discussing some of our missteps and lessons as a company. "Overcoming the ShapeShift Crypto Winter and the forward path" of @ShapeShift_io https://t.co/1eNT54eyPp #bitcoin
– Erik Voorhees (@ErikVoorhees) January 8, 2019
In the post, Voorhees hesitated stating that "the last crypt of the winter is upon us", echoing similar statements from fellow colleagues. The American and irreducible decentralist entrepreneur, who once claimed that all the fiat was "sloppy", noted that today, ShapeShift "felt the bitter cold" of the proverbial winter mentioned above.
With a heavy heart, Voorhees went on to explain that his startup, one of the most popular organizations in this budding sector, had to let 37 employees go, reducing the total staff of ShapeShift from ~ 110 to ~ 75. He explained that while this purification was "profound and painful", the staff reduction was part of the recent thematic development of this sector.
He explained that this purge was a byproduct of ShapeShift's "biggest and worst financial decision" – to "embrace" the significant exposure to cryptocurrencies in an apparent attempt to "keep the skin in play". Voorhees noted that while ShapeShift recognized the risks and volatility of attributing its essential success to the whims of speculators, he was extremely sorry to see 37 of his employees who had to get up and leave. Expressing his condolences in the best possible way, Voorhees wrote:
I'm sorry, it happened. Your confusion, your sadness, your rage … everything is understandable, and I'm sorry to get in the way. Your contributions – of effort, of personality, of experience – remain part of our fabric. Even if it's over, we've improved from our time with you, and I hope you've improved from your time with us.
The head of ShapeShift and Bitcoin "BUIDLer" of long standing continued to break down the problems of the newcomer, in particular those deriving from the action of cryptocurrency prices in 2017 and 2018. While the company has "made a thousand mistakes" , Voorhees noted that "the most thematic" was their lack of concentration.
ShapeShift has started a simple exchange, offering almost instantaneous exchanges, crypto-cryptographic and easy to complete. But since 2017 has blessed the company with an influx of opportunities, the company has started to launch CoinCap, acquire KeepKey, along with developing a range of smaller products / platforms / services to strengthen the roster of the # 39; company.
Although these incursions into sub-sectors were initially successful, these initiatives involved costs in human and financial capital, time and legal support. This "diverted" talent, complicated logistics, damaged the customer support team and "changed recruitment priorities", leading to the current situation, where much of ShapeShift's growth was clearly accelerated.
However, Voorhees continued to take the time to explain that he still intends to see the revolutionary potential of cryptocurrencies. He wrote:
My hope – and the goal is – for financial sovereignty to become a pillar of 21st century civilization, one of its most important advances … We can find the strength and discipline to fight through every obstacle to victory; towards a world of finance without borders and apolitical for all humans.
Crypto Winter Hits Hard
This is not the only time one of the major crypt startups has eliminated staff members in the 2018/2019 bear season. The South China Morning Post recently confirmed that Huobi, one of the world's largest Bitcoin platforms, has cut off most of its staff. The same report confirmed that Bitmain was dismissing a large part of its employees, as previously reported by Ethereum World News. Distinguished rumors have claimed that Jihan Wu and Micree Zhan, the two co-CEOs of the Beijing-based mining conglomerate, are also willing to resign from their positions in a noticeable corporate restructuring.
Steemit, the decentralized social media platform, had also had to lay off many of its employees (70%) to preserve a strong financial track. Even ConsenSys, the main Ethereum development group, is trying to cut off most of its developers.
Title Image Courtesy of Galina N on Unsplash
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