ShapeShift, the Swiss-based cryptocurrency platform, has announced the acquisition of instant Bitcoin swapping service Bitfract. This move follows the purchase of hardware wallet maker, KeepKey, in 2017, as the company looks to expand its sphere of influence in the cryptocurrency industry.
Details of the Acquisition
The company announced the acquisition via a post on its website on Wednesday, August 8, 2018. Commenting on the deal, ShapeShift founder and CEO Erik Voorhees said:
“The Bitfract team made expert use of ShapeShift’s open API to build a product that we ourselves were planning to build. 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.”
ShapeShift doesn’t plan to change the deployment protocol for Bitfract despite the acquisition. The company plans to still operate and maintain the tool in its present form–straight from ShapeShift’s open API. Thus, Bitfract becomes an addition to the core ShapeShift platform as it aims to establish itself in the cryptocurrency space.
Instant Bitcoin Swaps with Bitfract
Bitfract is a service that allows users to swap Bitcoin for other cryptocurrencies in one transaction instantly. The platform removes the need for paying unnecessary fees when diversifying one’s cryptocurrency investment portfolio. Users can simply choose their preferred altcoins, set the allocation percentages as well as the wallet addresses, and the Bitfract tool does the rest.
Speaking on the decision to accept ShapeShift’s purchase bid, Willy Ogorzaly, the founder, and CEO of the Austin-based Bitfract said:
“Out of all of the companies and exchanges in crypto, ShapeShift has always aligned most closely with our mission and values. When Erik 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.”
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