Cryptocurrency exchange platform ShapeShift recently announced that they have acquired a company known as Bitfract. Reportedly, Bitfract built a tool that allows users to trade Bitcoin [BTC] into “dozens of digital assets”.
ShapeShift itself allows users to convert between multiple cryptocurrencies without the need for creating an account such as regular exchanges. ShapeShift boasts this to be their primary use-case, stating that their platform is the safest way to exchange cryptocurrencies. This is due to the fact that there are no funds held by ShapeShift themselves, removing a significant amount of custodial risk.
ShapeShift detailed the reasons for them buying Bitfract in a blog post. They stated that Bitfract developed a product that they themselves were trying to create. The Founder and CEO of ShapeShift, Erik Vorhees, stated:
“The Bitfract team made expert use of ShapeShift’s open API to build a product that we ourselves were planning to build. This demonstrated a great alignment of strategy and thinking, and their execution was so exceptional that we wanted to bring their talented team and technology on board.”
Indeed, Bitfract’s offering is in line with the business model of ShapeShift and makes it easier for the average consumer to diversify their digital assets. All the user needs to do is set percentages and the assets they want to buy and send Bitcoin. The destination wallet addresses will then be delivered to the user in one seamless experience.
After the acquisition, ShapeShift has clarified that they will continue the operation and maintenance of the Bitfract tool, as a “demonstration of the power of ShapeShift’s open API”. The Application Programming Interface [API] offered by Shape also has other implementations, such as ShapeShift Lens, which allows users to pay Bitcoin addresses with altcoins. The other implementation of the API is the Shifty button which allows business websites that accept Bitcoin payments or deposits to accept various digital assets.
Moreover, ShapeShift users have reason to rejoice, as this feature is now slated for incorporation into the trading platform. This will furthermore increase the value proposition for using ShapeShift as a one-stop solution for diversifying cryptocurrency portfolios.
Bitfract also seems to be excited about the acquisition, with Co-Founder and CEO Willy Ogorzaly stating:
“Out of all of the companies and exchanges in crypto, ShapeShift has always aligned most closely with our mission and values. We believe in a decentralized future where individuals freely control their digital wealth, and our team is honored to work alongside Erik and everyone at ShapeShift to make this a reality.”
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