SpaceShift’s New One-Stop Shop Set To Rival Coinbase For Ease-Of-Use In Crypto Custody Offering
SpaceShift is set to launch its new platform today that is set to make it easier to store cryptos just like Coinbase. The new platform christened one-stop shop will rival Coinbase when it comes to management of non-custodial crypto.
Speaking to CoinDesk, ShapeShift founder and CEO Erik Voorhees explained that the new platform will be very easy to use and users will have full control of their private keys. Voorhees explained his frustrations that emanate from what the market has to offer saying:
“Largely this came from my dissatisfaction with the reality that most of the large companies are custodial. It offers many services that a company like Coinbase would provide but on ShapeShift it’s done in a much more secure and self-sovereign way.”
Within a single place, users will be capable of buying, selling, trading as well as monitor various cryptos. Currently, the platform supports more than 50 digital assets. For one to enjoy the services offered, you will be required to have a connected hardware wallet such as Trezor or KeepKey that was purchased by ShapeShift in 2017. The approach has been adopted to circumvent counterparty risk.
Voorhees stressed that it was important to come up with a platform that can be used by anyone with minimal instructions while at the same time being non-custodial. He explained:
“There needed to be a platform that had great UX that my grandparents could use with limited instruction but that was built on a foundation of being non-custodial.”
Here is a screenshot of how a user of the new platform will monitor their portfolio:
A Major Milestone
The launch marks a major milestone for a company that has been in operation for about 5 years now, founded in 2014, and will make it easy to exchange one currency for another.
The fresh platform was conceived over a year ago with a major target at the retail market. Although the new functionalities are meant to enhance the company’s ambitions, Voorhees insists that the new platform is in line with the company’s mission of enhancing liberation in the market.
“There’s a general sense within the industry is that if all that happens from the crypto revolution is that you just have a new set of custodians, then nothing has really changed.”
Voorhees explained that by making it easy to hold your own keys,the company will change the perception in the industry.
The company’s head says that about 20,000 users were involved in the pilot stage.
The company intends to add more features and assets such as lending markets, extra fiat options as well as derivatives in the near future. A mobile app is also set to be released in the near future. To make it even easier to use, only a KYC check will be required to start trading.
The launch comes just months after a major downsizing of the company. The company’s CEO remains optimistic that the company is headed for greater things in the future.
Do you think Spaceshift’s new custodial platform will revolutionize the crypto space? Let us know in the comments section.