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Bitcoin [BTC] to altcoin diversification to be added to ShapeShift with new acquisition

Anirudh VK

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Bitcoin [BTC] to altcoin diversification to be added to ShapeShift with new acquisition
Source: Unsplash

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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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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