Shapeshift

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Changelly, Flyp.me, Changenow And Coinswitch Are Top 4 ShapeShift Alternatives

The 4 Alternatives To Shapeshift

Following the announcement that Shapeshift will transform into an entirely custodial model that requires KYC for every crypto investors, members of the crypto community have protested against this development. Majority of this disgruntled users have pledged to ditch Shapeshift for its competitors. Fortunately, the market has numerous non-custodial exchange platforms that offer privacy to their clients.

Converting digital assets is fundamentally similar to swapping larger fiat bills into smaller denominations. For this reason, the imposition of KYC regulations on the latter is entirely unnecessary, although some people perceive it differently. By changing into a custodial exchange, Shapeshift has given up its iconic features that contributed enormously to its success. Most of Shapeshift users joined the platform because of its convenience, not for ulterior motives. Shapeshift had remarkably fast turnaround times, and there were no entry barriers.

Apparently, there is speculation data the decision taken by Shapeshift was influenced by US legislature, who might have threatened with subpoenas and subsequent prosecution if the exchange failed to comply. Therefore, it expected that all US-based cryptocurrency exchanges will undergo the same fate, especially if they become hugely popular. Still, the following services are a suitable alternative to Shapeshift for the swapping of digital assets.

Changelly

For a considerable period, Changelly was the platform that offered the greatest rivalry to Shapeshift. Changelly support several digital currencies, including Bitcoin Cash, Doge, NEO, and Ripple. Although this services requires the user’s email address, clients who desire privacy can provide encrypted addresses. However, it is advisable to excise caution when transacting in either large amounts of crypto or privacy coins since Changelly might enforce KYC in such situations.

Flyp.me

Erik Voorhees is capitalizing on the decline of Shapeshift by revamping its existing services as well as introducing new ones. As of now, Flyp.me supports 26 digital currencies, including both established and lesser-known altcoins. After the Shapeshift news broke, the daily trading volume on this exchange rose rapidly, surpassing its normal value of 4 BTC. Flyp.me is the haven of privacy, as it does not require an email address, and it does not use web tracking tools as well.

Changenow

Changenow is similar to Changelly, with the difference being that it operates smoothly and has fewer demands than Changelly. The platform’s coin listing is vastly assorted, featuring both leading cryptocurrencies are obscure altcoins. Generally, Changenow does not require user regulation or email address. However, in some cases, the exchange might leverage the automated risk management system to evaluate transactions. In such instances, a client might be obligated to provide a scanned copy of their official identification documents, as well as the source of the involved funds.

CoinSwitch

Regarding the variety of listed digital assets, no platform rivals the 300 different options featured on CoinSwitch. However, this platform’s design is based on the infrastructure used to build Shapeshift and HitBTC, and borrows its trades from Changelly. Furthermore, the platform does not clearly outline what it requires of its customers.

As a result of the transformation of Shapeshift, there is need for the introduction of a privacy-oriented digital exchange in the crypto market, preferably outside the unfavorable US. Out of the options mentioned above, Flyp.me is the standout choice, although its limited support for cryptocurrencies is an obvious letdown. Hopefully, the platform will up the ante or a new entrant will come in and improve on this particular shortcoming.


ShapeShift's CoinCap Launches New Web and API Platform

CoinCap Launches New Web and API Platform

The new service features robust data, reliable market metrics, and native TradingView charts

Zug, Switzerland (Sept. 26, 2018) -- CoinCap, a product of ShapeShift, one of the world's leading digital asset companies, today announced the launch of its new platform CoinCap.io. The completely revamped service features a streamlined and simplified design, improved functionality, vastly improved data reliability and transparency, and enriched real-time cryptocurrency market data. The service is free for all users.

Erik Voorhees, CEO and Founder of ShapeShift AG said:

"There is a need for reliable, transparent and usable pricing for cryptocurrency, and CoinCap has built the most robust and reliable service among competitors."

"By collecting trading data from exchanges around the world to offer the most real-time view of cryptocurrency pricing, our users can be confident that they are getting the best information to stay on top of the latest market activity."

CoinCap offers real-time market data for digital assets, giving users the ability to stay informed on the latest market activity. With information like market cap, 24-hour coin and exchange volume, and available supply for over a thousand cryptocurrencies and tokens, and over 65 global exchanges, users from traders to observers can stay up-to-date, anytime, anywhere.

In addition to improved navigation and search capabilities, the CoinCap platform includes:

  • Real-time price and market changes
  • Exchange pair and volume listings allowing users to explore the industry
  • TradingView -- granular candle charts that offer users ability to manipulate and investigate the trends
  • A comprehensive new API with more endpoints such as /rates, /exchanges, /markets, and /candles
  • Timestamped status updates identifying the freshness of data feeds
  • Mobile-friendly design for effortless viewing on any device
  • Dark mode for easy viewing
  • Clean and clear user-interface with no ads

"CoinCap's new web and API service, built entirely from the ground up, is another way we are committed to creating the best experience for our users," said Voorhees.

"This is the next step in a product delivering reliable and transparent crypto market data."

Users will also notice CoinCap's brand has been updated to reflect the more professional technology upgrade, and a redesigned mobile app for iOS and Android users is expected to be released by the end of 2018.

https://twitter.com/ErikVoorhees/status/1045323096805105666

About CoinCap:

CoinCap offers reliable real-time market data for digital assets, giving users the ability to stay informed on the latest market activity. With market capitalization, 24-hour volume, and available supply for over a thousand cryptocurrencies and blockchain tokens, users from seasoned traders to casual observers can stay on top of the crypto market. CoinCap is also available in a high-performance API, and as an app for Android and iOS users, with mobile features such as portfolio tracking, asset alerts, and customized interface options.

About ShapeShift:

ShapeShift AG is a leading blockchain technology company based in Switzerland. It operates several crypto products including ShapeShift.io, CoinCap, and KeepKey. Its primary service, ShapeShift.io, is a an online marketplace where users can buy and sell digital assets. The popular app enables users to safely trade Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and other major blockchain-based tokens and assets. See more at: shapeshift.com.


Bitcoin.com Wallet Customers Must Bid Farewell to Shapeshift Crypto Services

Customers Must Bid Farewell to Shapeshift Services from Their Bitcoin.com Wallets

On October 5th, the official Bitcoin website released an annoucement about some changes to their services. The annoucement starts by saying,

“This week we wanted to let our wallet users know that we are sunsetting the Shapeshift API in the Bitcoin.com Wallet. The trading platform Shapeshift has decided to change the firm’s business model to a membership platform that requires the user to submit ID/KYC information.”

Some consumers are already being impacted by the withdrawal of these services, though their ability to access the Shapeshift feature will vary based on their location. The goal of the Bitcoin.com Wallet has been to hold both BCH and BTC coins in a secure but simple way since its original launch in August last year.

Since its creation, nearly 3 million wallets have been created with the option to access it from multiple major operating systems. The partnership with Shapeshift only began about eight months ago.

Last month, the program changed for Shapeshift. Instead of keeping their services as a

“non-custodial crypto trading platform,” they opted for something more lucrative in the form of a membership program that is mandatory for any user of the service. The company said, “If you are using a wallet that integrates with Shapeshift, you will need to authenticate once through the wallet to enjoy the benefits of your membership and to then use the http://shapeshift.io service.”

Designed the fact that compliance with Know Your Customer (KYC) protocols is a requirement for using Shapeshift, Bitcoin.com says,

“Users can still visit the third-party site and still use Shapeshift with our wallet to exchange your bitcoin cash (BCH) or bitcoin core (BTC) for another cryptocurrency.”

Still, Bitcoin.com hasn’t loosened the reigns on their commitment to serve their customers. They constantly keep users in the loop to ensure that they have a full understanding of each new feature, along with the decision to remove features.

Consumers can watch the Bitcoin.com website for the most updated information any new service they provide in the future.


Let's Take a Look at How ShapeShift is Planning to Handle its Compliance Requirements

Owing to the fact that the crypto industry is pretty much still in its infancy, the regulatory environment surrounding this domain is still susceptible to constant change. In this regard, the folks over at ShapeShift have now taken major steps to comply with requests that they have been receiving from various law enforcement agencies (worldwide) to adhere to regulatory requirements that will help introduce more transparency within the cryptosphere.

At this point, it is also worth mentioning that Shapeshift’s latest plan of action follows a similar initiative that was taken by Kraken recently to bring more financial certainty within this burgeoning market sector.

https://twitter.com/ErikVoorhees/status/1086066742458122242

A Closer Look At The Issue

As some of our regular readers may remember, in 2018 ShapeShift assisted various law bodies with a total of 60 inquiries that they received from all over the globe.

As can be seen from the image below, a majority of the legal inquiries came from enforcement bodies based in the US— followed by the UK and then France. Similarly, most of the aforementioned requests were sent through during the months of September and November.

Also worth mentioning is the fact that all of the law enforcement requests that came to Shapeshift from the US were in the form of subpoenas (that were issued by a court or some other government agency).

So What Exactly Is A Subpoena?

While the word subpoena gets thrown around a lot these days, it is worth asking yourself the question “Do I really know what the term means?”.

In its core essence, a subpoena can be thought of as a “court-order that forces a company or an individual to take some sort of prescribed action on a particular legal matter”. However, there are two distinct types of subpoenas in the U.S. that can be called into effect.

  • The first type of subpoena requires testimony before a court or legal authority.
  • The second kind can be thought of as a request for documents or other types of evidence.

The latter types of subpoenas are the ones that Shapeshift receives on a regular basis.

Let’s Take A Look At What The Subpoena Process Looks Like...

For starters, a law agency identifies the documents that could be needed from ShapeShift to start with an investigation. This information can be procured in a number of different ways primarily because the folks over at ShapeShift have always facilitated all of their transactions through the use of a system public. To be even more specific, we can see that anytime a customer order reaches its completion, specifics of the transaction are immediately published by the firm on their official website via their APIs.

More On The Matter

Once the ShapeShift legal team receives a subpoena, they start to process all of the details needed by a particular government agency so as to make the entire investigation process as smooth as possible.

Also worth noting is the fact that all of these aforementioned processes are confidential— which basically means that specifics related to a case are never shared by Shapeshift with any third-party agency.

In a similar vein, some of the requested information can be quite diverse. For example, some agencies might simply want to review a crypto address, while some bodies might require more niche’ data such as transaction IDs, names, emails, IP addresses, coins/asset information etc.

Lastly, in terms of how long individual responses can take, the timeline for government requests can vary quite greatly depending upon the employee resources that the company has at hand (at any given time).

Final Take

Requests of this nature are quite common in the crypto world since over the past couple of years incidents of tax evasion have increased a fair bit (mainly due to the untraceable nature of alt-assets).

With this information in mind, it is good to see an established crypto platform like ShapeShift take such steps to increase transparency within the digital currency world.

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