Swiss-based trading platform ShapeShift AG has announced the acquisition of Bitfract, a software firm that allows users to swap bitcoin into dozens of digital assets in one transaction.
According to the company’s post, the Bitfract tool is poised as a game changer that simplifies the buying process by allowing investors rebalance their cryptocurrency portfolios in quick and easy steps.
Erik Voorhees, founder and CEO of ShapeShift said he was impressed by the Bitfract team and their execution in creating a tool ShapeShift was planning on building itself.
“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.”
With the Bitfract tool, users will be able to gain exposure to a diversified portfolio of digital assets without making multiple transactions — saving time and fees.
Willy Ogorzaly, co-founder and CEO of Bitfract said, “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 uses a simple process. It helps converts bitcoin into any cryptocurrency or cryptocurrencies by sending in the BTC to the company’s address, which then links to ShapeShift open API to convert it into multiple cryptocurrencies in one transaction.
With the acquisition, ShapeShift will be able to extend its reach and use the tool as a base layer for expanding its products and offerings. The company believes that the Bitfract platform has a lot of positives, especially the “multiple output transactions,” which would be incorporated into ShapeShift’s platform soon.
ShapeShift AG has a fondness for acquiring digital assets startups that are solving problems in the industry, especially those using their open API. Last year, the company acquired hardware wallet creator KeepKey, a tool that allows users to exchange digital assets without exposing their private keys online.
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Last modified: June 10, 2020 10:45 PM UTC