Bitfract is a Shapeshift powered platform that lets you exchange one cryptocurrency into multiple cryptocurrencies. Find out how it works today in our review.
What Is Bitfract?
Bitfract, found online at Bitfract.com, is a platform currently in beta. The platform allows you to transfer an existing cryptocurrency into multiple cryptocurrencies. It’s powered by Shapeshift, one of the most popular crypto-to-crypto exchange services on the planet.
You can use Bitfract to easily and quickly rebalance your portfolio. You might decide you’re over-exposed to one currency, for example, and want to diversify into 10 different cryptocurrencies simultaneously. Or, if you’ve only ever invested in BTC, then you can instantly invest into the 5 most popular altcoins.
Bitfract is also designed for convenience: instead of logging into 10 different exchanges to purchase unique coins, you can purchase coins supported by the Shapeshift API. The end result is a diversified crypto portfolio with minimal work required on your end.
Bitfract is free to use.
How Does Bitfract Work?
Let’s say you have 1 BTC. You want to exchange that BTC into ETH and LTC. Typically, you’d have to make individual trades yourself, trading 0.5 BTC for ETH and 0.5 BTC for LTC in separate trades. With Bitfract, you complete the transaction using a simple online form. You input your 1 BTC on one side, then choose your desired cryptocurrencies on the other side.
You can choose to split your bitcoin into whatever amount you like. You can split it between two currencies, for example, or split it between 10 or more currencies. The platform can automatically calculate an equal percentage of each currency. Or, you can manually enter the percentages yourself.
Bitfract is built using the Shapeshift API.
Bitfract plans to launch additional products and services in the future, including the ability to allocate a portfolio based on market cap, equal weights, or custom percentages, the ability to backtest a portfolio over several days, months, or years, and the ability to exchange bitcoin for your custom portfolio with a few clicks.
Who’s Behind Bitfract?
Bitfract is powered by Shapeshift. The company also has a partnership with Shapeshift – although they’re not owned by Shapeshift. Bitfract is a separate entity with an entirely separate team. Key members of the team include Willy Ogorzaly.
The project was first announced on February 26, 2018.
The development team for Bitfract is based in Austin, Texas.
Bitfract is a unique online service that lets you swap your cryptocurrency into multiple cryptocurrencies simultaneously. Instead of individually making 10 different trades to buy 10 different currencies, you can instantly diversify your single cryptocurrency into 10 different cryptocurrencies. If you want to sell your BTC for 25% LTC, 25% ETH, and 50% BCH, for example, then you can do that. You can avoid signing into multiple exchanges. Plus, you can purchase any cryptocurrency supported by Shapeshift.
Bitfract is a free online service powered by Shapeshift.
To learn more about Bitfract, or to use the service today, visit online at Bitfract.com. The platform is currently in beta after launching in late February 2018.