ShapeShift has obtained a startup that designed a tool for exchanging cryptocurrencies far more effectively.
The company reported Wednesday that it obtained the Texas-centered Bitfract immediately after it created the software – allowing for for the trade of bitcoin for “dozens of electronic assets in a single transaction” working with the firm’s API. The idea is that the software would make it less complicated for crypto-prospective buyers to switch up their portfolio without the need of possessing to execute a lot of transactions.
“This demonstrated a wonderful alignment of system and considering, and their execution was so exceptional that we needed to provide their gifted team and technology on board,” CEO Erik Voorhees reported in a assertion.
The software performs by allowing investors select what share of their holdings must be in a specific asset, incorporate the destination wallet addresses and send bitcoin in a single mass transaction.
ShapeShift intends to continue on running Bitfract’s software in its present form “as a demonstration of the power of ShapeShift’s open API.” On the other hand, the trade will also combine the platform’s system into its very own system, generating a indigenous “multiple output transactions” purpose.
“We consider in a decentralized long term wherever persons freely manage their electronic prosperity, and our team is honored to do the job together with Erik and everybody at ShapeShift to make this a reality,” Bitfract co-founder and CEO Willy Ogorzaly reported of the acquisition.
The shift arrives just considerably less than a 12 months immediately after ShapeShift declared the acquisition of KeepKey, a bitcoin hardware wallet startup. ShapeShift raised a $10.4 million Collection A funding round in March 2017.
ShapeShift image by means of Piotr Swat / Shutterstock