ShapeShift Acquires Cryptocurrency Trading Start-Up Bitfract
Cryptocurrency and digiital asset exchange ShapeShift announced on Wednesday, August 8, the acquisition of the Austin-based software company Bitfract after it made “the only tool in the world” that allows trading bitcoin into dozens of digital assets in a single transaction company’s API.
— ShapeShift.io (@ShapeShift_io) 8 August 2018
The Bitfract tool was created to make it easier for average users to gain exposure to diversified digital asset portfolios. Users can rebalance their portfolio without the need for multiple transactions (saving time and fees), simply by choosing their assets and allocation percentages, inputting the destination wallet addresses, and sending bitcoin. The requested digital assets are then delivered to the user.
“The Bitfract team made expert use of ShapeShift’s open API to build a product that we ourselves were planning to build,” said Erik Voorhees, founder and CEO of ShapeShift. “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.”
“Out of all of the companies and exchanges in crypto, ShapeShift has always aligned most closely with our mission and values,” said Willy Ogorzaly, co-founder and CEO of Bitfract. “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.”
With this acquisition, ShapeShift further extends its reach into the blockchain industry and lays the foundation to expand its offerings. Following the sale, the Bitfract tool will be maintained and continue to operate as a demonstration of the power of ShapeShift’s open API.
The functionality that the Bitfract platform provides of “multiple output transactions” will be incorporated into ShapeShift’s core platform in the near future.
Earlier this summer, speaking to ForkLog Erik Voorhees hinted at a new product ShapeShift could announce “in a couple of months”.
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