ShapeShift Acquires Tool That Quickly Swaps Bitcoin for Other Cryptos

Coindesk
Cryptocurrency asset company ShapeShift has acquired blockchain startup Bitfract, the firms announced Wednesday.

ShapeShift Acquires Tool That Quickly Swaps Bitcoin for Other Cryptos

Cryptocurrency asset company ShapeShift has acquired blockchain startup Bitfract, the firms announced Wednesday.

ShapeShift has acquired a startup that developed a tool for exchanging cryptocurrencies more efficiently.

The company said Wednesday that it acquired the Texas-based Bitfract after it made the tool – allowing for the exchange of bitcoin for "dozens of digital assets in a single transaction" using the company's API. The idea is that the tool makes it easier for crypto-buyers to switch up their portfolio without having to execute numerous transactions.

"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 a statement.

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The tool works by letting investors choose what percentage of their holdings should be in a particular asset, add the destination wallet addresses and send bitcoin in a single mass transaction.

ShapeShift intends to continue operating Bitfract's tool in its present form "as a demonstration of the power of ShapeShift's open API." However, the exchange will also integrate the platform's mechanism into its own platform, creating a native "multiple output transactions" function.

"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," Bitfract co-founder and CEO Willy Ogorzaly said of the acquisition.

The move comes just less than a year after ShapeShift announced the acquisition of KeepKey, a bitcoin hardware wallet startup. ShapeShift raised a $10.4 million Series A funding round in March 2017.

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ShapeShift image via Piotr Swat / Shutterstock

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