ShapeShift.io, the much buzzed about cryptocurrency-to-cryptocurrency exchange founded by early Bitcoin adopter Erik Vorhees, has released an app into the Apple's app store. The ShapeShift app will allow users to seamlessly transact in multiple cryptocurrencies. In a phone interview with CCN, Vorhees said that a…
ShapeShift.io, the much buzzed about cryptocurrency-to-cryptocurrency exchange founded by early Bitcoin adopter Erik Vorhees, has released an app into the Apple’s app store. The ShapeShift app will allow users to seamlessly transact in multiple cryptocurrencies.
In a phone interview with CCN, Vorhees said that a simple use case might be someone that wants to pay a debt to a friend with Dogecoin, but that friend doesn’t want to use Dogecoin, they want some other coin, most likely Bitcoin. The friend can use the ShapeShfit app to transmit the Dogecoin into Bitcoin, and then pay the friend in Bitcoin. Thus merchants who mostly use mobile devices for Bitcoin acceptance will now be able to accept a variety of cryptocurrencies with very little effort or risk.
Vorhees said the exchange, which does not require the user to set up an account, decided to develop and release their iOS app ahead of their Android version because they felt it would be a much harder goal to achieve than an Android application. Readers may be aware that the barrier to entry is far lower in other app stores than it is in the Apple Store. Vorhees pointed out that Apple even reserves the right to deny an app that does the same thing as an existing offering. For the full interview, tune into Friday’s podcast.
In a press release, Vorhees more officially said:
Since inception, ShapeShift has changed what is expected of altcoin exchanges. Having a presence on mobile is a crucial step in our roadmap for delivering the most frictionless experience possible while working at the speed of digital currency.
Indeed, one of the things that has plagued cryptocurrency exchanges for years is the security risks inherent to storing so much money in a single place. ShapeShift provides a convenient way around this problem by simply not holding onto the user’s coins. The user enters an output address, sends the coins, and ShapeShift worries about the margins on the coins its holding, while the user gets immediate gratification.
Here is what the app looks like:
Basically like the website, but for the iPhone, which is essentially the point. The App eases an obvious problem of being able to access address information with its address book feature (bottom left icon), and at the same time, integrates fairly easily with the popular Breadwallet application.
Integration with iOS is a key component to growth, and Vorhees noted that he was initially concerned the company may run into problems with getting into the Apple Store.
“Most exchanges hold customer funds and extract personal information, which is an archaic and insecure model,” said Vorhees in the official press release.
“Mt. Gox was a teachable moment for everyone in the Bitcoin community and ShapeShift has innovated these problems out of the picture. We are both faster and more secure. This is real consumer protection—no funds or sensitive information is stored on our servers nor on the user’s phone in case it is damaged, destroyed or stolen. Digital currency has brought to humanity a more secure infrastructure, and so we build in that spirit.”
Now, it seems, users will have one more way to make use of the innovation. To download the app, go to the Apple Store. It’s free to download, of course.
Last modified: January 10, 2020 3:38 PM UTC