ShapeShift’s new Bitcoin [BTC] swapping tool is beneficial in twofold 20687
News
Ashmita Dutta
Aug 9, 2018 at 2:35 PM

ShapeShift AG, a Swiss trading platform has recently declared acquisition of Bitfract for swapping Bitcoin [BTC]; providing two-fold benefits.The latter happens to be a software firm providing the users with the opportunity to interchange Bitcoin [BTC] with dozens of cryptocurrencies each transaction.

The twofold benefits

The acquisition would firstly, lay a positive impact on the user base, thereby, reaching out to a greater number of users. Secondly, Bitfract can serve as the supportive ground facilitating the expansion of its different proposals and products.

Bitfract assists in simplifying the purchasing procedure such that in easy steps the investors manage to rebalance their portfolio concerning digital assets. A varying range of cryptocurrencies get exposed to the users without the involvement of a number of transactions. This, in turn, helps to save money and time consumption.

See also: Bitcoin [BTC] should make at least 6% of investment portfolio: US think tank

ShapeShift CEO, Erik Voorhees has expressed his impressive opinion about the team Bitfract. According to Voorhees, “The Bitfract team made expert use of ShapeShift’s open API to build a product that we ourselves were planning to build.”

He has further stated, “This demonstrated a great alignment of strategy and thinking, and their execution was so exceptional that we wanted to bring their talented team and technology on board." ShapeShift is convinced by the “multiple output transactions” of Bitfract would the former would soon be integrated in the platform.

In the words of Bitfract CEO, Willy Ogorzaly, “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.”

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The mechanism of the tool is quite simple involving conversion of Bitcoin [BTC] to any digital currency. This is facilitated by transferring the Bitcoin [BTC] to the address of the company followed by making a connection with ShapeShift open API. This finally helps to bring about conversion to multiple digital assets in each transaction. Since the very beginning, ShapeShift AG has an inclination towards the acquisition of start-ups dedicated to resolve issues in this particular industrial domain.

Image via Shutterstock

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