On August 8, 2018, ShapeShiftAG, the dad or mum firm of ShapeShift.io, one of many world’s largest decentralized cryptocurrency exchanges, announced its acquisition of Bitfract, a blockchain software program startup based mostly in Austin, Texas.
Bitfract’s crypto buying and selling instrument permits customers to swap bitcoin for a basket of cryptocurrencies inside a single transaction.
Chatting with Bitcoin Journal, ShapeShift founder and CEO Erik Voorhees revealed that this kind of multi-crypto buying and selling answer has been a long-term goal of ShapeShift’s inside engineering group. One factor that stood out about Bitfract for Voorhees was the “creativity and drive of the group.”
“They used our API brilliantly, and taking steps towards buying the corporate appeared just like the pure course for us to take,” Voorhees added.
For his half, Bitfract CEO and co-founder Willy Ogorzaly acknowledged:
“ShapeShift has at all times aligned most intently with our mission and values. When Erik requested if we wished to affix ShapeShift, the reply was instantly sure.”
Ogorzaly mentioned they welcomed the thought of being acquired as his group had grow to be “extremely accustomed to ShapeShift’s API” and find out how to leverage it as a “instrument for innovation.”
Utilizing Bitfract’s instrument, customers will in a position to diversify their crypto asset portfolios with out exposing themselves to the danger components of a number of transactions together with safety dangers, time losses and additional transaction charges. The instrument additionally makes it extraordinarily straightforward to undertake funding positions in all kinds of crypto belongings.
It permits customers the power to decide on the precise belongings they need and the related proportion for every asset. Customers ship bitcoin to the vacation spot pockets handle, and their requested crypto belongings are then delivered to them in a easy, seamless course of.