Cryptocurrency Exchange Platform ShapeShift Acquires Crypto Tool Bitfract

Announcements, News | August 9, 2018 By:

Crypto trading platform ShapeShift has acquired Austin-based crypto tool Bitfract to expand its offerings.

The ShapeShift platform gives crypto users the power to quickly swap between assets. With no login accounts required, the platform allows its users to input and output cryptocurrency types and receive an automatic address to deposit the input currency in order to collect the output currency via the addresses provided by its users. No fees are charged within the presented exchange rate. Only a miner fee of the output asset is removed from the final exchange.

Bitfract is a ShapeShift-powered tool that enables investors to trade either bitcoin, ethereum, or Litecoin for up to 62 different coins in a single transaction. The tool was built to make it safer and easier for average users to gain exposure to diversified digital asset portfolios.

“The Bitfract team made expert use of ShapeShift’s open API to build a product that we ourselves were planning to build,” said Erik Voorhees, Founder and CEO of ShapeShift. “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.”

Prior to Bitfract’s founding, the process to construct a diversified portfolio required traders to sign up for multiple exchanges for specific coins, manually calculate allocations, and then execute transactions individually. Bitfract’s technology simplified this entire process by allowing users to gain exposure to a diversified portfolio of digital assets without making multiple transactions, effectively saving both time and up to 80% in fees.

Bitfract allows users to select an input coin and a set of output coins. Users then specify the percent they would like to allocate to each output coin, along with a destination address to receive the coins. Since Bitfract only requires users public addresses and never touches their private keys, uers are empowered to manage their own assets without trusting centralized exchanges.

“Out of all of 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. “When Erik asked if we wanted to join ShapeShift, the answer was immediately yes. 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.”

Following the the acquisition, ShapeShift said the Bitfract tool will be maintained and continue to operate as a demonstration of the power of ShapeShift’s open API. In the coming months, the Bitfract tool’s functionality of providing “multiple output transactions” will be incorporated into ShapeShift’s core platform.