ShapeShift Acquires Self-Custodian Crypto Wallet Portis; New Office to Open in Tel Aviv
ShapeShift, a US-based self-custodial crypto exchange has acquired Israeli non-custodial crypto wallet Portis, as reported by Israeli media platform – Globes. The Crypto exchange did not reveal the financial details of the acquisition.
As per the partnership, Portis would open an office in Tel Aviv on behalf of ShapeShift and its digital wallet would be utilized for holding non-custodial cryptocurrencies.
The Tel Aviv office would be managed by the company's founder – Erik Voorhees – from Denver Colorado. While the workforce at the Tel Aviv office would be taken care of by 4 employees of Portis.
Portis’s non-custodial wallet has been used by ShapeShift to hold non-custodial cryptocurrencies since November 2019.
The development team created a decentralized software wallet app on top of the Ethereum blockchain, which has now become their flagship non-custodial wallet.
Before the ShapeShift acquisition, Portis was going through a rough phase as it was reported that, a few months back, they were on the brink of shutting their operations after the firm fired 8 of its employees along with its co-founder, Radotzk.
ShapeShift Realized the Potential of Portis’s Core Tech
Shapeshift founder Erick Voorhees was thoroughly impressed with Portis’s non-custodial wallet after integrating it into their crypto exchange ecosystem. He believed that the depth of their tech and final working product aligned with their core values and thus they made the decision to acquire it. Voorhees explained,
“After integrating Portis’ SDK into the ShapeShift Platform last year, we recognized the depth of their tech and how closely our values aligned. They really built something special, making self-custody extremely easy.
As our relationship evolved, acquiring Portis became a natural next step.”
Tom Teman, the CEO of Portis was equally elated with the acquisition. Believing that Shapeshift is the perfect firm which shares the same set of values and ideas on how the financial ecosystem should be decentralized and with less government intervention. He said:
“Working with Erik and his team, it was clear to us that ShapeShift understands the importance of a borderless financial system, and Portis has always aimed to empower DeFi developers to offer their user base a simple yet powerful experience.
Both of our companies believe that balancing self-custody, security, and usability is of the utmost importance for bringing blockchain to the masses. We’re excited about the possibilities that lie ahead.”
ShapeShift Believes in True Idea of Decentralization
ShapeShift is among one of the very few exchanges that not only offer custodial services but also charges zero commission fee.
The CEO of the firm Erik Voorhees is a major advocate of decentralization and ease of access for financial instruments. For these reasons, he has been highly vocal about the money printing spree of the governments and how unethical that is.
Voorhees believes crypto, especially Bitcoin is the future as its decentralized structure and functionality do not change because of the external stimulus like a pandemic outbreak which has sent the traditional monetary system on a rollercoaster ride.