ShapeShift mends ways, opens testing for revamped exchange
ShapeShift, the crypto exchange is aiming for a major rebranding this year. The exchange, as a stepping stone, has already updated its logo, typeface, color palette, and imagery. ShapeShift CEO, Eric Voorhees, in an Ethereum developer conference held in Colorado this weekend, told that from Monday the exchange will open a new version of the crypto exchange for select users.
The exchange will open a closed beta period for a select set of users to test the new platform’s features. According to Voorhees, the new platform will simplify the user experience. The revamped platform will bring about better interoperability between ShapeShift’s crypto hardware wallet KeepKey and also bring together their major products including its crypto pricing tracker CoinCap.
Crypto winter trampled on ShapeShift
ShapeShift’s plan to rebrand comes after a third of its staff was laid off following the crypto winter. The rebranding might help the exchange to climb out of the financial quagmire that followed the crypto winter.
ShapeShift once allowed conversion of cryptocurrencies via their hardware wallets instantly and anonymously. However, new regulations in September forced the company to ask their clients to fill out KYC [Know Your Customer] requirements. Therefore, Voorhees announced that “due to our need to navigate the current regulatory environment” the company had to implement new identity requirements.
“I felt like I had to do something morally wrong to allow the company to persist…It’s a really awful position to be in,” said Voorhees at the time. He also confirmed that the company lost many partners that employed the exchange’s services after the implementation of identity requirements.
In a lengthy announcement after the layoffs, Voorhees said that not only crypto winter and regulations affected the company, but also the mistakes he and his leadership team had made. He said that a lack of focus on its core product also contributed to the company’s struggles. “The magic of ShapeShift was real and apparent, and yet it wasn’t sufficiently nurtured. I can lay this mistake at nobody’s feet but my own,” he said.
A note published by Voorhees in January following the staff layoffs hinted that the company would have a rebirth. “Through this difficult year, with a new sense of focus, we’ve been weaving the new ShapeShift into existence. It is our tribute to the power of digital asset technology and our contribution to self-sovereign finance,” wrote Voorhees.
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