Shapeshift.io a crypto firm has laid off 37 members of its workforce as the company attempt to find its bearing amid the crypto market. This was made known via a blog post on Medium as well as a tweet by the founder and chief executive officer of the firm, Erik Voorhes on Tuesday.
Shapeshift’s New Development
Shapeshift.io, a crypto firm, a digital marketplace for Bitcoin and other blockchain tokens have recently laid off 37 of its staffs. According to the tweet by the CEO on Tuesday, he said that “with a heavy heart, the firm has laid off 37 people.” Also, it was stated that a blog post on it had been made which entail the details of the missteps of the firm and lessons learned.
The firm noted in the blog post that the reduction of the members of its team by 37 is a painful one which was caused by the ongoing crypto bearish trend. It was noted that the lesson that the firm learned during the ranging period is that marketability of any particular project pulls the company into too many directions and these many directions have caused the company financial, legal and resource strain. Also, this directions has led to a derail from the core product of the firm and its team.
This noted to have affected not only the product of the company but also the organization which is inclusive of the people, structure, and communication within the company which has led to an insufficient commitment to building people.
The mistake of the firm was categorized into four parts, which include the digital market place issues of people and structure, the business growing big too fast and the market recession leading to the decline in business. The experiences of the firm in 2018 caused by the recessing market have made the company to take the decision.
Crypto Bearish Market and Crypto Startups
The bearish crypto market that has been prevalent since the beginning of the year 2018 has made many crypto firms to close services as well as reduction of the workforce by many to survive the lingering bearish trend.
Meanwhile, the year 2017 was a superb year for the crypto market and firms as many experiences a massive boost positively due to the crypto bubble. During the period shapeshift.io had a stellar year growing by 3000 percent.