THELOGICALINDIAN - The burning agenda asset barter belvedere ShapeShift has laid off onethird of its aggregation because of the affecting and astringent crypto recession as able-bodied as actuality alert in a arduous authoritative environment
Crypto Winter Cold Bites Shapeshift
In a abundant announcement, the company’s CEO, Erik Voorhees, appear “with a abundant heart” that the aggregation has let 37 of its advisers go or one-third of its team. Voorhees:
According to the CEO, the issues aural the aggregation which led to battlefront bodies were structural, legal, financial, and customer-related.
Shapeshift is not the aboriginal aggregation to feel the abrogating furnishings of 2018’s abiding buck market. Bitcoinist reported that industry behemothic Bitmain has laid off its absolute Bitcoin Cash development aggregation aftermost month.
KYC Stung Financially and Psychologically
One of the affidavit for which ShapeShift has accomplished a point area it had to lay bodies off according to its CEO is introducing know-your-customer (KYC) accounts.
Vorhees noted:
The burning online exchange introduced binding KYC requirements aback in September 2018, consistent in a backfire from some users.
Immediately afterwards that, self-hosted acquittal processor BTCPay appear that it intends to canal the belvedere and use an acting band-aid as bound as it’s possible.
“The shapeshift button does not assignment anymore, and they will apparently crave KYC soon. Instead, I am cerebration about accessible sourcing (ShapeShift.io) by authoritative it accessible for anyone to be clamminess provider like shapeshift,” BTCPay Server tweeted in September 2018.
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