ShapeShift Crypto Exchange Buys American Crypto Exchange Startup
ShapeShift, a Swiss service for fast and secure cryptocurrency exchange, has acquired a product that allows to convert bitcoins to many cryptoassets by one transaction.
The team of Bitfract, an American startup from Texas, developed the solution. The idea is that using the startup application programming interface (API), users can exchange bitcoin for multiple cryptos within the same transaction. Investors can choose what percentage of their funds should be invested in certain cryptoassets, determine the wallet's address, and send bitcoins.
The startup developers demonstrated modern thinking and effective strategy. The product is so promising that ShapeShift’s management decided to start cooperation with the team of Bitfract, the executive director Erik Voorhees stated.
ShapeShift plans to continue working with the Bitfract product in its current form, but intends to implement it into its future platforms.
The cooperation with Erik Voorhees is a great honor for them, Willy Ogorzaly, the startup founder and head, stressed. He added that the Bitfract team is confident in decentralized future.
ShapeShift service attracted $10.4 million within the series A funding in the spring of 2017. Last year, the company acquired the Keepkey bitcoin wallet.
Featured image from Shapeshift website, 2016 archive
As previously reported, the payment operator Square switched from bitcoin trading on public exchanges to the OTC platforms.