ShapeShift Acquires Tool That Insta-Swaps Bitcoin

ShapeShift established a startup that developed a device for exchanging cryptocurrencies more proficiently.

On Wednesday, the company said that it procured the Texas-based Bitfract after it made the tool – taking into consideration the exchange of bitcoin for “dozens of digital assets in a single transaction” utilizing the organization’s API. The thought is that the tool makes it less demanding for crypto-purchasers to switch up their portfolio without many transactions taking place.

“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,” CEO Erik Voorhees said in an announcement.

The tool works by giving investors a chance to pick what percentage of their funds ought to be in a specific asset, include the destination wallet addresses and send bitcoin in a single mass transaction.

ShapeShift plans to keep working with Bitfract’s tool in its current version “as a show of the intensity of ShapeShift’s open API.” But, the trade will incorporate the platform’s mechanism into its own platform, making a local “multiple output transactions” work.

In the procurement, the co-founder CEO of Bitfract Willy Orgorzaly said that “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,”

In less than a year, the moves come after ShapeShift declared the acquisition of KeepKey, a bitcoin hardware wallet startup. ShapeShift raised a $10.4 million Series A funding round in March 2017.