ShapeShift Acquires Tool For Swapping Bitcoin Into Multiple Cryptos With A Single Click
ShapeShift has acquired a startup that built a tool for exchanging cryptocurrencies more efficiently. Earlier today, ShapeShift announced the acquisition of Texas-based Bitfract. Bitfract has made a tool that allows for the seamless exchange of bitcoin for “dozens of digital assets in a single transaction.” The exchange system is accessible through an API.
With a single click, you can allocate your bitcoin into multiple wallets and multiple altcoins, removing the need to make multiple smaller transactions.
ShapeShift is already one of the most popular seamless crypto swapping tools available today, allowing users to quickly and easily exchange one altcoin for another.
With this new tool, ShapeShift will make it even easier for users to modify their cryptocurrency portfolio without needing to execute numerous transactions. Using Bitfract, users can swap their bitcoin for dozens of altcoins, which means they don’t have to make dozens of transactions.
“This demonstrated a great alignment of strategy and thinking,” explained ShapeShift CEO Erik Voorhees in a statement. “And their execution was so exceptional that we wanted to bring their talented team and technology on board.”
Bitfract’s tool allows investors to choose which percentage of their holdings should be in a particular asset, along with the destination wallet addresses. Users enter their percentages, then send bitcoin in a single mass transaction. The bitcoin is used to purchase altcoins at the desired percentages and then send those altcoins to your altcoin wallets.
Following the acquisition, ShapeShift plans to continue operating Bitfract’s tool in its present form. The tool will be used, according to ShapeShift, “as a demonstration of the power of ShapeShift’s open API.”
ShapeShift also plans to integrate Bitfract into the native ShapeShift platform. The company will add a “multiple output transactions” function, for example, powered by Bitfract.
“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,” said Bitfract co-founder and CEO Willy Ogorzaly following the acquisition.
The last major acquisition from ShapeShift occurred in 2017 when the company purchased bitcoin hardware wallet startup KeepKey. ShapeShift’s acquisition of Bitfract occurred approximately one year after the KeepKey acquisition.