Cryptocurrency exchange ShapeShift is shifting around its management team ahead of a major revamp.
The startup is looking for a new chief financial officer to succeed Justin Blincoe, who is taking on a new role at the company, chief marketing officer Emily Coleman told CoinDesk.
“ShapeShift is constantly evolving as an organization, and we are preparing for our next phase of dramatic growth,” Coleman said. “To do this effectively, we are working to bring in new expertise and talent. Mr. Blincoe is helping lead this initiative, and will ultimately move into a different senior finance role at the company, while remaining CFO in the interim.”
Coleman didn’t provide further details as to what Blincoe’s future role would be.
Last week, ShapeShift announced the beta launch of a new version of the exchange that would offer greater interoperability with ShapeShift’s other products, namely the hardware wallet KeepKey and the pricing tracker CoinCap. For now, it’s available only to a select group of users.
The changes are coming amidst challenging times: ShapeShift is among the many blockchain startups that had to make severe staff cuts during the crypto winter. In January, CEO Eric Voorhees announced the company had laid off 37 employees, a third of its staff, calling it “a deep and painful reduction, mirrored across many crypto companies in this latest bear market cycle.”
In addition to the harsh market conditions, ShapeShift has recently suffered some reputation blows after it introduced KYC in September and later was featured in a Wall Street Journal article claiming the exchange was instrumental in money laundering practices — allegations Voorhees called “factually inaccurate and deceptive.”