Shapeshift’s Prism to shut down, company announcement shocks users

Shapeshift’s Prism has announced that they will be shutting down services on 11th October 2018. The company announced this news via a blog post on their website. It stated:

“Prism is shutting down soon. The site will be live until 10/11/2018. We highly encourage you to close out your Prisms during this time. After this 30 day period we will be shutting down the site and auto-closing all remaining Prisms, sending your Ether automatically back to the address you created your Prism with.”

Prism is a software that will give users an opportunity to gain access to portfolios of digital assets in a simple and easy manner. The main aim of the portfolio collection software is to give the ecosystem a counter-party riskless way of gaining exposure to digital asset portfolio.

Prism, which was set to launch in a couple of weeks, has surprised users with this announcement. Shapeshift stated:

“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.”

The company has explicitly stated that there are “three reasons” for this shutdown, which were not revealed to the industry. Keeping the closure in mind, Prism has announced that all users must close all the open Prisms. The officials close to the company have also stated that a key aspect of this move was to focus on the core platform and use it for better applications in the future.

Shapeshift, the parent company of Prism, was also in the news recently for introducing a loyalty program called the Shapeshift Membership. Some of the benefits in the membership included: better pricing, private market surfs, rewards on trade index volume and early access to new coins. The company had announced:

“ShapeShift members with level 2 membership will enjoy discounts in exchange rates. Furthermore, the membership will also have 5 levels wherein the first level is free and open to all the users.”