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ShapeShift Can Now Swap Bitcoin Into Other Cryptos With One Click

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by Sofiko Abeslamidze · 3 min read
ShapeShift Can Now Swap Bitcoin Into Other Cryptos With One Click
Photo: ShapeShift / Facebook

The exchange platform ShapeShift AG has acquired a software startup famous for a tool enabling the effortless diversification of cryptocurrency portfolios.

According to statistics, almost every single day a new altcoin is entering the widespread pool of cryptocurrency ultimately creating another possible investment route. Yet lots of exchanges available for trading limit their offerings to the cryptocurrencies that have huge market capitalization, thus leaving the existence of newly born digital assets out of investors’ overview.

Nevertheless, one could never be sure what cryptocurrency is going to replace Bitcoin as the next king of altcoins. The market dictates decisions to be made in a few seconds and for many traders it becomes extremely important to seize up an opportunity as soon as possible.

However, due to exchanges’ internal policy many traders lack the quick access to a wider variety of cryptocurrencies also known as investment opportunities. To close a desired deal, traders have to set up multiple wallets and open accounts on numerous exchanges. On top of this time-consuming element, it meant having to pay hefty fees to all of the various exchanges that offered traders their desired cryptocurrencies.

The trading platform ShapeShift is going to leave these troubles behind providing exposure to a diversified portfolio of digital assets without making multiple transactions. On the statement made the other day, the Swiss-based company confirmed the acquisition of a software startup Bitfract that has been developing a tool eliminating the cumbersome process of assets allocation.

Launched a couple of month age, the Bitfract tool enables investors to choose which percentage of their holdings should be in a particular asset, along with the destination wallet addresses. Notably the entire exchange process does require numerous transactions to be verified on the blockchain.

Instead, users can make the swaps by choosing their assets and allocation percentages, inputting the destination wallet addresses, and sending Bitcoin. Bitcoin is used to purchase altcoins at the desired percentages and then send those altcoins to user’s altcoin wallets.

Speaking on the announcement, Erik Voorhees, founder and CEO of ShapeShift, revealed that Bitfract’s disruptive tool was actually built using ShapeShift’s open API and that the company was actually considering building out a similar product prior to the acquisition.

Further he added:

“The developed product 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.”

On the behalf of Bitfract, the company’s co-founder and CEO Willy Ogorzaly expressed enthusiasm of Bitfract’s team to work alongside the experienced ShapeShift’s professionals, saying their mutual efforts delivered an exclusive product that will bolster decentralized future where everyone can manage their digital wealth freely.

The total acquisition amount is not disclosed, but it obviously brings a few juicy bonuses for  ShapeShift development worth to be paid for. Owing to Bitfract, the company will be able to extend its reach and use the tool as a base layer for expanding the list of products and offerings. The company believes that the Bitfract platform has a lot of positives, especially the “multiple output transactions,” which would be incorporated into ShapeShift’s platform soon.

Altcoin News, Bitcoin News, Cryptocurrency News, News
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