ShapeShift Acquires Tool That Quickly Swaps Bitcoin for Other Cryptos

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

Aug 8, 2018 at 3:30 p.m. UTC
Updated Sep 13, 2021 at 8:15 a.m. UTC

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.

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.

ShapeShift image via Piotr Swat / Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Market Wrap: Cryptos Mixed as Volatility Fades, Traders Expect Weak Recovery

Bitcoin's average trading volume rose toward its highest level since January, which could point to a brief period of price stabilization.

Bitcoin's average trading volume rose toward its highest level since January, which could point to a brief period of price stabilization.

2
Brazilian Stock Exchange B3 to Launch Bitcoin Futures Within Six Months

The firm is building the infrastructure to offer crypto market access to end users, CFO André Milanez said on Monday.

The firm is building the infrastructure to offer crypto market access to end users, CFO André Milanez said on Monday.

3
Big-Money Investors Who Boosted Bitcoin’s Price Might Now Crash It

Everyone celebrated the arrival of institutional investors to the bitcoin market, as their rising adoption helped send prices soaring. Now, with correlations to traditional markets at an all-time high, fingers are pointing over the market swoon.

Everyone celebrated the arrival of institutional investors to the bitcoin market, as their rising adoption helped send prices soaring. Now, with correlations to traditional markets at an all-time high, fingers are pointing over the market swoon.

4
Bitcoin lucha en zona de soporte de $27K- $30K, con resistencia en $35K

La ventaja de BTC parece limitada a pesar del soporte a corto plazo.

La ventaja de BTC parece limitada a pesar del soporte a corto plazo.