ShapeShift, a Swiss crypto exchange announced that it acquired the Texas-based startup Bitfract, that has developed a tool that allows users to trade a Bitcoin for multiple Altcoins in one simple transaction that makes it simpler/safer for the average user to get exposure to diversified digital assets.
Erik Voorhees, the CEO of ShapeShift explained why his company decided to acquire BitFract. He 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.
Furthermore, Willy Ogorzaly, a co-founder and CEO of Bitfract explained why BitFract was happy about getting acquired by Shapeshift. He 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.
The way that Bitfract works is that you select your input asset, currently, Bitcoin and then the amount you want to convert. Then, you select your output currency from a list of 64 Altcoins and then specify the percentage of the input that you want to be converted to that specific altcoin. Next, you click an exchange button and then verify the address of your wallet. Once that has been done, the user clicks a confirm button. Bitfract gives you a QR code representing its Bitcoin deposit address.Then, the user has to send the bitcoins from the bitcoin wallet to the deposit address. As soon as they are received and confirmed, Bitfract starts the exchange (using the ShapeShift APIs).
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