Shapeshift Acquires Bitfract, a 1-For-62 Crypto Swapping Tool
Bitfract, which built the tool to trade one cryptocurrency for up to 62 crypto assets in a single transaction, was acquired by ShapeShift, a simple cryptocurrency conversion service. Notably, the Austin-based software company’s platform was built on ShapeShift exchange.
In its blog post, Shapeshift has appreciated that Bitfract team has built a good product using its open API. ShapeShift’s founder and CEO Erik Voorhees described Bitfract’s product as follows:
“The Bitfract team made expert use of ShapeShift’s open API to build a product that we ourselves were planning to build. 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.”
The primary objective of building Bitfract is to provide users with exposure to multiple crypto assets and portfolios. The tools allow crypto investors to rebalance their portfolio without a need to perform multiple transactions.
Bitfract can be operated very easily. A user has to simply choose the crypto assets, allocation percentage and then input the target wallet address before sending the Bitcoin. Once this process is completed, the cryptocurrencies are delivered in the wallet within 30 minutes.
Willy Ogorzaly, Co-Founder and CEO of Bitfract, said
“Out of all the companies and exchanges in crypto, ShapeShift has always aligned most closely with our mission and values. 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.”
The investments enable ShapeShift to further consolidate its presence in the cryptocurrency sector. It also allows ShapeShift to expand its range of offerings. ShapeShift told that Bitfract will continue to operate in the same manner so that users will be able to understand the capability of ShapeShift’s open API.
Shapeshift has also hinted that Bitfract’s ‘multiple output transactions’ functionality will be blended into its platform. However, no specific dead line has been set for the incorporation of the facility.