NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Shapeshift Continues Product Overhaul, Drops Crypto Portfolio Feature

Nick Chong
Nick Chong
6 years ago
3 mins read
crypto wallet, simplefx

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

ShapeShift, a leading startup in the crypto and blockchain industry, has continued its drastic product overhaul, recently revealing that it was dropping a lesser-known feature from its extensive lineup of products, services, and applications.

Prism Is Shutting Down

On Tuesday, ShapeShift, a Switzerland-based crypto infrastructure firm, revealed that it would be discontinuing Prism come the second week of November via an official blog post.

For those who aren’t in the loop, Prism is a series of smart contracts that allow users to experience the thrill of having a diversified portfolio of crypto assets without the risk of mismanagement or the difficulty of setting up multiple accounts and wallets. More specifically, as pulled straight from the horse’s mouth:

“Prism is, at its core, a set of smart contracts which 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.”

Prism, which is evidently one of the members of ShapeShift’s vast product family, has and still is in a closed beta, which began over 18 months ago before 2017’s monumental bull run. But while its description may sound like a promising project, the firm behind it explained that over the course of the beta, the team realized that the same functionality could be installed via a “different (and likely superior) product” that would be based off Prism’s underlying technology.

Keeping this in mind, ShapeShift has formally decided to “reimagine” the product itself. For now, the details regarding Prism’s successor has been kept under lock and key, with the Swiss startup adding it is still “deep in work” on other services, including the ShapeShift.io exchange, price tracker CoinCap, the KeepKey storage solution, along with other unnamed activities that ShapeShift’s 120 person team is working hard on. As the firm later added, “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.”

As such, over the coming weeks, the Prism.exchange domain will be gradually shut down until the site goes silent on October 11th, 2018, which will also be when ShapeShift will shut down all of the diversified portfolios, or “Prisms” as they are known to some.

Shapeshift Membership Program Met With Community Outcry

As aforementioned, the startup, headed by industry veteran Erik Voorhees, is in the midst of a product/service”reimagining.” This move to shutdown Prism follows the Switzerland-based firm’s plan to instate a mandatory controversial membership program, fittingly named the ShapeShift Membership program.

This move came as a surprise to many, as those without an account would be denied access to the primary ShapeShift.io exchange offering. Since the original announcement, as reported by NewsBTC, the firm has fallen victim to heavy criticism by diehard decentralists, as they claim that the platform is implementing this to adhere to governmental and regulation concerns. These same individuals, which likely number in the thousands, have now resorted to boycotting the membership system.

The firm has now employed the use of an airdrop of FOX tokens, which operate hand-in-hand with the membership program, in a bid to entice individuals to sign up for the controversial program.

🦊⏳ Don’t miss out! The first 100,000 users to complete account sign up will receive 100 FOX tokens. Sign up for ShapeShift Membership now: https://t.co/pIXj40o0nU pic.twitter.com/11AOUeAXzW

— ShapeShift 🦊 (@ShapeShift) September 11, 2018

Controversy aside, Shapeshift CEO Voorhees still holds a positive outlook on the fate of this industry, divulging that while the bear market may not be over yet, that accumulating now could prove to return massively in the next few years or decades.

Featured Image From Shutterstock
Tweet123Share196ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

BitMine

BitMine Stock Soars 700% After $250 Million Raise For Ethereum Treasury

Tom Lee, the market strategist known for his insightful predictions on Bitcoin (BTC) and broader crypto prices, has taken on...

Ronaldo Marquez 20 hours ago

Bitcoin Market Enters Caution Zone Amid Rising Sell-Side Pressure, Analyst Says

Although Bitcoin (BTC) has recorded slight gains over the past month – up 3.6% in the last 30 days –...

Ash Tiwari 1 day ago
Big Money Buys Ethereum as Retail FOMOs Into Bitcoin, What Happens Next?

Big Money Buys Ethereum as Retail FOMOs Into Bitcoin, What Happens Next?

Bitcoin and Ethereum both posted modest gains in the past week, with BTC rising 6.2% and ETH up by 9.6%....

Samuel Edyme 1 day ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

TRON Defies Market Dip as USDT Activity and Drawdown Metric Signal Growth

TRON Defies Market Dip as USDT Activity and Drawdown Metric Signal Growth

Samuel Edyme 6 hours ago
Bitcoin Whales Just Realized $2.6B In Profit, Is the Market About to Crack or Soar?

Bitcoin Whales Just Realized $2.6B In Profit, Is the Market About to Crack or Soar?

Samuel Edyme 9 hours ago
bitcoin

Bitcoin Network Volume Echoes Mid-2021 ‘Stable Equilibrium’ – Is A Big Move Brewing?

Ash Tiwari 16 hours ago

Premium Sponsors

Press Releases

  • Fartcoin Đã Quá Trễ Để Mua Ở Mức Vốn Hóa $1...

    7 minutes ago
  • 2025년 솔라나 밈코인 추천 - 솔라나 밈코인 순위 TOP 4

    Các Đồng Coin Tiềm Năng Sẽ Bùng Nổ Đầu Quý...

    21 minutes ago
  • A legjobb kriptovalutákat keresed 2025-re? Íme 4 top választás a portfóliódhoz

    A legjobb kriptovalutákat keresed 2025-re? Íme 4 top...

    1 hour ago
  • Best Crypto to Buy Now as Crypto Market Shifts Bullish. Could Altcoins Rally?

    Các Altcoin Đang Giảm Giá Nên Mua Ngay: XRP...

    1 hour ago
  • Търсите най-добрите...

    2 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.