Crypto Exchange ShapeShift Is Looking for a New CFO
Last week, ShapeShift announced the beta launch of a brand-new version of the exchange that would use higher interoperability with ShapeShift’s other products, specifically the hardware wallet KeepKey and the rates tracker CoinCap. For now, it’s readily available only to a select group of users.
The changes are coming amidst tough times: ShapeShift is among the many blockchain start-ups that had to make severe personnel cuts throughout the crypto winter season. In January, CEO Eric Voorhees announced the company had laid off 37 workers, a 3rd of its staff, calling it “a deep and painful decrease, mirrored across lots of crypto companies in this latest bearish market cycle.”
In addition to the extreme market conditions, ShapeShift has actually recently suffered some record blows after it presented KYC in September and later on was featured in a Wall Street Journal post claiming the exchange was instrumental in money laundering practices– accusations Voorhees called “factually unreliable and misleading.”
What is Shapeshift?
ShapeShift is a business that uses international trading of a variety of digital assets via web and mobile platforms. It is headquartered in Switzerland but operates out of Denver, Colorado in the USA.
The company does not gather personal information on its clients and exchanges one cryptocurrency for another without ever collecting client funds into company accounts, which is unique among digital currency trading platforms. Nevertheless, the company started acquiring such information since October of 2018.
If an exchange stops working (by fault of the user or business) and the user does not make a refund claim within 90 days, the company will keep all assets.
History of Shapeshift
The business was established in 2013 in Switzerland by Erik Voorhees. In March 2015, it got a US$ 525,000 seed-stage investment by Roger Ver and Barry Silbert. Additional financing totaling US$ 1.6 million had been supplied by September 2015, from investors in a 2nd financing round consisting of Digital Currency Group, Bitfinex, Bitcoin Capital and Mardal Investments. In March 2017, ShapeShift has actually raised $10.4 mln in a series A round led by European venture capital firm Earlybird.