Users in Shock as Shapeshift’s Prism Announces Shut Down
The announcement of the closing down of Prism came as an utter shock for all its users. In its recent update, Shapeshift has requested all its users to close down their Prism until the site is live on the 10th October. Following this period span, Prism will be continuing its process of closing down and auto-terminating the remaining of the Prisms. Users will receive their Ether as a refund into the account with which they had created their Prism.
The Prism Fiasco
Offering easy and efficient access to portfolios of crypto assets, the Prism software had gained significant popularity since its inception. The primary aim of the software was to offer its users with a riskless method of increasing exposure to the cryptocurrency portfolios.
Crypto enthusiasts were already excited to welcome this innovative software, which was due for its official launch over the next few weeks. However, the sudden announcement of the closing down of Shapeshift’s Prism software has rendered a wave of despair. Explaining this sudden closure, Shapeshift stated that the work it has conducted with the software in last 18 months have made various aspects clear- Shapeshift have realized that with such a superior underlying technology they require to develop a more exotic product, somewhat like reimagination of the actual product. However, it has three basic reasons for closing down, which was not disclosed.
With a month left until the program is terminated, Prism request all previous users to close down their prisms. Nonetheless, officials of Shapeshift have further stated that they aspire to primarily gear towards the development of their central platform in order to gain insight.
The mother organization of Prism, Shapeshift was in headlines as it had recently announced the introduction of its loyalty programme dubbed Shapeshift Membership. The club includes five levels, in which the first will be free for registered users. Those with a second tier of the membership can benefit from lucrative discounts on exchange rates. Other features of the loyalty program will incorporate rewarding on the trade index volume, advanced pricing, and private market surfing.