Swiss-based trading platform ShapeShift has confirmed its acquisition of Bitfract, a software firm that enables users to insta-swap bitcoin into dozens of other cryptocurrencies.
The company posted that, the Bitfract tool is intended as a game changer that streamlines the buying process by enabling investors to rebalance their cryptocurrency portfolio in quick and easy procedures.
Erik Voorhees, founder, and CEO of ShapeShift expressed his satisfaction in the Bitfract team and their implementation of developing a tool that Shapeshift hoped on developing.
“The Bitfract team made expert use of ShapeShift’s open API to build a product that we ourselves were planning to build,” Voorhees remarked. “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.”
The bitfract tool will allow users to have exposure to the various portfolio of cryptocurrencies without much constrains.
Willy Ogorzaly, co-founder and CEO of Bitfract noted, “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.”
The tool makes use of a simple process. It helps changes bitcoin into any cryptocurrency or cryptocurrencies by sending in the BTC to the company’s address, which then connects to ShapeShift open API to change it into multiple cryptocurrencies in one transaction.