Shapeshift, the brainchild of ShapeshiftAG, comes forth to reveal its recent accession of US based company, Bitfract, a crypto trading tool that paves way for the direct conversion of Bitcoin to other altcoins. A decentralized innovation like none other, Shapeshift will allow users to exchange their Bitcoins to a myriad of other cryptocurrencies with the click of a button. Good riddance to unpredictable extra fees!
???????? We are so excited to be a part of the @ShapeShift_io team! We can’t wait to see what the future holds as we work together with CEO @ErikVoorhees & the team of innovators at https://t.co/yVMNvkMQAm pic.twitter.com/CRdigkVY08
— Bitfract | beta (@bitfract) August 10, 2018
The new tool requires no sign up, no passwords, and certainly no lengthy forms requiring personal information. Instead, one transaction alone will allegedly fulfill one’s digital wallets with desired cryptocurrencies, saving an overwhelming amount of time and money. Not only will crypto fanatics expand the horizons of their portfolios to more cryptocurrencies, but will be able to do so without giving away information regarding one’s funds.
Back in March 2017, Switzerland-based ShapeShift raised $10.4 million, essentially powered by Earlybird but mutually welcomed by all. The company allegedly grew by a staggering 48% per month since its launch in 2014.
Erik Voorhees, founder and CEO, is a long time crypto enthusiasts and one of the top most recognized Bitcoin advocates and entrepreneurs. Speaking about their noteworthy collaboration, Willy Ogorzaly, Co-Founder and CEO of Bitfract says:
When Erik [Erik Voorhees, founder and CEO of ShapeShift] asked if we wanted to join ShapeShift, the answer was immediately yes.
BitFract in Depth
Using Shapeshift’s open API to remove friction between asset conversion, Bitfract platform will be left untouched, and the underlying technology will be integrated with the main service in the future. For now, all that needs to be done is to fill a virtual form. The form, acting more as a request than traditional forms, will ask users to provide destination wallet addresses, the amount of cryptocurrency to be converted, the altcoins to be converted into, and each altcoin’s cut of the conversion.
The API allows site operators to enable their Bitcoin websites to accept other altcoins supported by ShapeShift. Thus, potentially, Bitcoin sites all over the world will be able to accept other cryptocurrencies, setting in motion a new mode of exchange.
Erik Voorhees, Founder and CEO of ShapeShift, says:
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.
Shapeshift further provides crypto exchange rates for users to quickly asses their choice of transactions, convert them into one, and hit the green light all in real-time. On top of that, a standard fees will be charged by the tool for asset conversion, nearing $0.01. Their goal proves to be inclined towards making a statement rather than monetization.
Willy Ogorzaly digs into the company’s mission and values, saying:
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.
Without this tech, one would simply have to create different cryptocurrency exchanges, which will fully keep their funds in check, creating liability for theft/hack/fraud. Then, more than a few blockchains would have to be followed, ensuing transactions for exchanges and creating possible irritability.
Shapeshift has not kept low in past years. Apparantly, Shapeshift’s expansion drive traces back to KeepKey, a series of hardware wallets that are capable of securing digital currencies such as Bitcoin and the rest of its kin. The tech wallet uses Shapeshift’s contribution to convert bitcoin to other altcoins, supported by a similar genre of clients such as Electrum and Mycelium.
Similar to this, the Jaxx Wallet is another digital assets wallet that incorporates this tech. It was created by Ethereum back in 2014.