According to an article on Medium by ShapeShift CEO Erik Voorhees《Overcoming ShapeShift’s Crypto Winter and the Path Ahead》According to the report, ShapeShift has laid off 37 people, accounting for one-third of the total number of employees. In addition, Erik Voorhees also reflects on a series of reasons behind ShapeShift's layoffs in the article.
According to Erik Voorhees, not focusing is the biggest mistake you can make.
wait. KeepKeywait.
Erik Voorhees believes that product diversification is a good thing, but because it is done too early, the attention is scattered too early. ShapeShift's core business also suffered as a result.
In addition, Erik Voorhee believes that in the first half of 2018, ShapeShiftThere are still four problems：
We have people and architecture issues. The company had grown too fast compared to our experience as leaders. By the time we learned how to manage a team of 10, the team had grown to 30. By the time we learned how to manage a team of 30, the team had grown to 80. Then the team expanded to 100 and 125 people. Our ability to manage our teams has not kept pace with the growth in the number of team members.
We have legal issues.The growth of the company itself, as well as the continuous development of the industry as a whole, means increased regulation. The gray area that was once our comfort zone is starting to look different. So we set out to explore the complexities of financial services regulation. When we got into this quagmire, huge legal bills and risk assessments forced us to divert resources away from important parts of the company.
We have customer problems.Business is also hard because of the bear market and increased competition. The KYC (Know Your Customer) regulations we enforced by law caused us to lose many valuable API partners.
We have financial problems.Although we are hedging to reduce losses, we can't stand the decline of cryptocurrencies in December.
ShapeShift believes that these issues, along with our own lack of product focus, have led to today's layoffs.
In fact, under the bear market, there are not a few blockchain companies that have laid off employees. For example, announced in early DecemberLay off 13% of the consensus sys，Lay off 25% of StatusI am Qi Ming from Odaily, I explore the real blockchain, and I like to chat with various gods every day. For project communication and breaking news, please add WeChat qingmoruoshui, please note your name, company, and position. For reprinting/content cooperation/reporting, please contact report@odaily.com; illegal reprinting must be punished by law.
I am Qi Ming from Odaily, I explore the real blockchain, and I like to chat with various gods every day. For project communication and breaking news, please add WeChat qingmoruoshui, please note your name, company, and position. For reprinting/content cooperation/reporting, please contact report@odaily.com; illegal reprinting must be punished by law.
