In spite of the fact that Switzerland based crypto exchange ShapeShift has so far let go 33% of its staff and declared fundamental changes to the organization structure, they don’t wish to let go any of their present subsidiaries as of now, Emily Coleman of ShapeShift said.
She further said that the company would be introducing a new version of ShapeShift in the spring and KeepKey will be profoundly associated with this product. The company would continue with all the present offerings; they would just merge and restructure the offerings. Executives of ShapeShift denied commenting any further on the matter.
Other than KeepKey, ShapeShift possesses CoinCap, and Bitfract. CoinCap is a live crypto market information site; while Bitfract is the only tool in the world that enables users to trade one currency for up to 62 crypto assets in a single trade.
A week ago, Erik Voorhees claimed that the exchange broadened its activities too early. The company extended its attention in so many diverse directions within very less time.
He further said that as an organization, the most prominent and most exceedingly awful financial decision made y the company was to accept the considerable exposure to the crypto world.
Most of the company’s accounting report has involved these mistakes. The company acknowledges the uncertainty and the risk. However, the company’s objective and drive to connect to that of the crypto market aren’t changed by the ongoing turbulent market.
He also said that in reality, what suffered due to the distracted attention was the company’s core market. The enchantment of ShapeShift was genuine and evident, but it wasn’t adequately supported. I can lay this slip-up at no one’s feet however my own.”
The latest acquisition made by the company was last year in August when it bought Bitfract. It is a software firm.
With this purchase, ShapeShift further broadens its venture into the blockchain business and establishes the framework to extend its offerings,” the exchange said at the time.
One of the prime players in the hardware wallet market, KeepKey was gained by ShapeShift in August 2017.
After the purchase, ShapeShift said that the brand of KeepKey and its product offering would continue as before and the procurement would likewise give expanded funding to stock and security expertise.