Crypto Trading Platform ShapeShift Introduces Membership Program

Announcements, News | September 5, 2018 By:

Crypto trading platform ShapeShift has introduced a membership program which will soon be mandatory for all users of the previously account-less exchange.

ShapeShift gives crypto users the power to quickly swap between assets. It does not collect personal data on its customers and exchanges one cryptocurrency for another without ever collecting customer funds into company accounts, which is unique among crypto trading companies.

On Tuesday, however, the company announced a loyalty program called ShapeShift Membership. The new program will see ShapeShift offer a range of benefits, which may include higher trading limits, rewards on trading volume, better pricing, while also moving to start collecting basic personal information from its users.

Erik Voorhees, Shapeshift’s founder and CEO, said that this change is the convergence of three themes they’ve been exploring and considering intensely over the past year. These inlcude the requests of many of ShapeShift’s users to have account-related features, the company’s increasing interest in the broad phenomenon of tokenization, and the practice of requiring customers to hand over personal private information.

ShapeShift Membership is optional, but it will become mandatory soon. The company is promising that the new program will lead over time both to better pricing and a superior user experience.

“Yes, that last detail sucks. We would prefer if the collection of personal information was not a mandatory element,” Voorhees said. “We still firmly believe that individuals, regardless of their race, religion, or nationality, deserve the right to financial privacy, just as they deserve the right to privacy in their thoughts, in their relationships, and in their communications. Such privacy is a foundational element of a civil and just society, and should be defended by all good people. We remain committed to that cause and it is best served if we are smart about our approach.”

Voorhees added that while the account-based format is new, the company remains committed to consumer protection via its non-custodial model, which means it will not hold customer deposits.