In a new development, ShapeShift has acquired Bitfract. Bitfract is one of the first companies that allowed bitcoin to be traded among digital assets worldwide. This information can also be found on the shapeshift blog.
Erik Voorhees founder and CEO of ShapeShift pointed out that he is excited about the opportunities that Bitfract will bring to the table. The Bitfract company made an excellent use of shapeshifts open API in order to build a product that will be massively adaptive and relevant to the Blockchain and crypto community. This was an idea that they were planning on building and delivering, which makes it even more exciting.
The talent at Bitfract
This demonstrated their talent and exceptional strategic thinking, which made ShapeShift want to bring their team and technology on board. The Bitfract tool was made for individuals to have an easier and safer way to gain exposure to a more diversified portfolio of digital assets. This made it possible for a user to rebalance their portfolio without the need or use of multiple transactions, which saved the users time and fees. This is done by making the user have the freedom of choosing their assets allocation and percentages, putting in their wallet address destination and sending the required amount of bitcoins. The requested amount of cryptocurrency is then delivered to the appointed user’s wallet.
“Out of all the companies and exchanges in crypto, ShapeShift has always aligned most closely with our mission and values,” said Willy Ogorzaly, Co-founder, and CEO of Bitfract. The company believes in a decentralized future where individuals freely own and control their digital wealth, and our team is honored to work alongside Erik and everyone at ShapeShift to make this a reality.
The impact of the platform
Now that ShapeShift has acquired Bitfract, this will allow the company to further extend its reach into the Blockchain industry. It will also open doors for more exciting services and products for the future of global decentralized payment mechanisms. The Bitfract tool will maintain and continue to prove the power of the ShapeShifts open API system. There is no official release date for the implementation of the Bitfract technology that will be incorporated into the ShapShifts core platform, but this is expected to be done in the near future.
Are you excited about this new implementation of ShapeShift and what it could bring to the Blockchain industry? Please, leave a comment below, we would like to hear your thoughts.