Evolve Markets

ShapeShift to shut down cryptocurrency portfolio service Prism

Crypto exchanger company informed users today that its well-received crypto portfolio service launched last year Prism will be shutting down. A year and a half ago, ShapeShift released Prism in closed beta.

The open beta was planned to launch just a few weeks from today.

At its core, Prism is a set of smart contracts that enable collateralized portfolios of digital assets to be established, giving price exposure to users without counter-party risk and without the need to take delivery, or set up or manage multiple wallets.

ShapeShift CEO, Erik Voorhees

CEO of ShapeShift Erik Vorhees said:

“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. 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.”

“These reasons combined have led us to the conclusion that we should sunset the current Prism product, both in order to focus on our core platform, and to clear the pallet for a potential reimagining of what this technology can do later on.”

Current users are advised to close all Prisms. The site will be live for 30 days from this date, September 11, 2018. After the 30 days, ShpeShift will be shutting down the site and will auto-close all remaining Prisms.


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