ShapeShift to 'Optimize' 1/3 of Staff

Old cryptocurrency company is 'overcoming crypto winter' by laying off people in the beginning of the year
10 January 2019   171

ShapeShift, a platform for instant exchange of cryptocurrency, reported on a significant reduction in staff, citing as the reasons the general deterioration of the market situation.

As the head of the company, Eric Vorhees, said, he had to say goodbye to 37 employees with a “heavy heart,” which is about a third of the company's total staff.

According to him, cryptobusiness is a cruel thing. So, in 2017, the market capitalization of ShapeShift increased by 3000% due to the rise of the market, but everything changed very much in 2018.

Eric noted that in addition to the legal uncertainty faced by the industry, ShapeShift does not cope with all the initiatives taken. In particular, he mentioned the CoinCap tracking service and the KeepKey hardware wallet.

It is curious that the head of ShapeShift also admitted that last year’s decision to verify customers had led to a significant reduction in the user base.

Wishing good luck to all the foxes who left the company (ShapeShift symbol), Eric Vorhees expressed the hope that the company would find strength and discipline that would help it overcome all obstacles and come to a victory for the world without borders and an apolitical financial system.

SEC to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   107

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.
 

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.
 

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.