Crypto Firm ShapeShift To Shut Down Cryptocurrency Portfolio Platform Next Month

Announcements, News | September 13, 2018 By:

Crypto trading platform ShapeShift has announced that it will be shutting down its decentralized portfolio platform Prism next month.

Launched in closed beta last year, Prism provides users with the ability to secure a basket of cryptocurrencies without exposure to third-party risk. It is built using ethereum-based smart contracts that enable investors to construct a crypto-portfolio with a broad range of cryptocurrencies to choose from, including bitcoin, Litecoin, Monero, and Ripple.

In its latest announcement, ShapeShift said that Prism, which was set to launch in a couple of weeks, will be shut down in order to focus on their core platform, and “to clear the pallet for a potential reimagining of what this technology can do later on.”

“With the work we’ve done over these past 18 months, it’s become clear to us that there is actually a different (and likely superior) product to be built with this underlying technology,” ShapeShift said. “It requires more than a pivot: a reimagining of the product itself. At the same time, we are deep in work on ShapeShift’s core technology, CoinCap, KeepKey, and the inundation of activity involved in building a 120+ person organization in a graceful, cohesive, and productive manner.”

ShapeShift advised users to close out their Prisms before 0ctober 11. “After that 30 days we will be shutting down the site and will auto-close all remaining Prisms, sending your Ether automatically back to the address you created your Prism with.”

The news came after ShapeShift announced a loyalty program called ShapeShift Membership, which will require its users to provide “basic personal details.” ShapeShift Founder and CEO Erik Voorhees said that the platform’s shift from being “the exchange without accounts” to an account-based model was influenced by three key factors, namely, user requests, an increasing interest in tokenization and regulatory hurdles.