ShapeShift Acquires Crypto-Exchange Development Project
On the 8th of August, ShapeShift revealed the recent purchase of Bitfract, a startup based in Texas that has created a new tool designed to exchange BTC for many additional cryptocurrencies swiftly and efficiently through the startup's application programming interface. Through just one transaction, the new tool bypasses any need for those purchasing cryptocurrencies to go through several transactions just to exchange their BTC.
Chief Executive Officer of ShapeShift, Erik Vorhees, commented on the acquisition and Bitfract by saying that their team was exceptional in performance, strategy design and through a process which, in return, made the company want to collaborate with the Texan startup and their exchange tech.
The new tool operates by allowing investors to pick and choose what a certain percent of any of their stored assets should be, as in 10 percent of said assets would consist of a specific coin. Additionally, the wallet address destination and number of BTC sent in one large transaction as opposed to many.
ShapeShift is adamant about upholding its collaboration with Bitfract and using their tool to display the power behind ShapeShifts application programming interface. Additionally, ShapeShift will merge the platform's new tool into its own and launch a multi-transaction output service.
Chief Executive Officer of Bitfract, Willy Ogorzaly, commented on the recent acquiring by ShapeShift, stating that his company is dedicated to decentralizing the future and providing a global environment that grants every participant the right to fully manage and control their own digital assets and has expressed eagerness in collaboration with Erik Vorhees and his team to brings these plans to the world.
Almost a year ago, ShapeShift also acquired KeepKey, a digital hardware wallet project. It also managed to raise $10.4M in an initial funding last year during March.