Cryptocurrency trading firm ShapeShift AG announced its recent acquisition of Bitfract, a Texas-based software startup that created the tool that can allow users to trade Bitcoin into a myriad of cryptocurrencies in a single transaction, according to its announcement on August 7.
ShapeShift is very “excited” about the move, as Bitfract’s tool is so far the only one in the world which can execute the task. Even Erik Voorhees, CEO and Founder of the said firm, admitted to his amazement at the technology, saying that Bitfract made expert use of his firm’s open application programming interface (API) “to build a product that we ourselves were planning to build.”
Bitfract’s system can allow users to rebalance their crypto portfolio without having to undergo multiple transactions. With the use of the tool, users can just choose their assets and set the allocation percentage, and the altcoins will just go to their respective wallets in exchange for Bitcoin. By this, users can save both time and transaction fees.
Willy Ogorzaly, CEO and Co-Founder of Bitfract, reciprocated Voorhees’ excitement, saying that ShapeShift has always aligned most closely with the team’s mission and values.
“When Erik [Voorhees] asked if we wanted to join ShapeShift, the answer was immediately yes. 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 Bitfract tool will remain as it is, and will “continue to operate as a demonstration of the power of ShapeShift’s open API.”
The partnership seems equally beneficial to both partners, since ShapeShift, with its headquarters in Switzerland, has a global presence felt strongly by the crypto community.
Recently, it partnered with Overstock.com Inc. to allow the purchase of the latter’s vast array of products, which include bedding, furniture, accessories, rugs, etc. through cryptocurrencies. The partnership will make use of the former’s platform to convert cryptocurrencies between various coin types in seconds even without the user having an account set up or any personal data supplied.
The partnership can also allow refunds through Bitcoin, should the user opt for the service. However, the individual can easily convert it to his preferred altcoin through ShapeShift.
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