BTC: $6,470.76 +0.03%
ETH: $204.76 +1.12%
XRP: $0.45988 +1.48%
MARKETCAP: $208,849,877,646
24H VOL: $10,427,859,535
BTC: 54%

ShapeShift AG Announces Acquisition of Instant Bitcoin Swapping Platform Bitfract


ShapeShift, the Swiss-based cryptocurrency platform, has announced the acquisition of instant Bitcoin swapping service Bitfract. This move follows the purchase of hardware wallet maker, KeepKey, in 2017, as the company looks to expand its sphere of influence in the cryptocurrency industry.

Details of the Acquisition

The company announced the acquisition via a post on its website on Wednesday, August 8, 2018. Commenting on the deal, ShapeShift founder and CEO Erik Voorhees said:

“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.”

ShapeShift doesn’t plan to change the deployment protocol for Bitfract despite the acquisition. The company plans to still operate and maintain the tool in its present form–straight from ShapeShift’s open API. Thus, Bitfract becomes an addition to the core ShapeShift platform as it aims to establish itself in the cryptocurrency space.

Instant Bitcoin Swaps with Bitfract

Bitfract is a service that allows users to swap Bitcoin for other cryptocurrencies in one transaction instantly. The platform removes the need for paying unnecessary fees when diversifying one’s cryptocurrency investment portfolio. Users can simply choose their preferred altcoins, set the allocation percentages as well as the wallet addresses, and the Bitfract tool does the rest.

Speaking on the decision to accept ShapeShift’s purchase bid, Willy Ogorzaly, the founder, and CEO of the Austin-based Bitfract said:

“Out of all of 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.”

Join the NEW Unhashed Telegram or Follow Unhashed on Twitter for the Latest Cryptocurrency News Updates!

Bitcoin Bitcoin $6,470.76 +0.0305538%
Ethereum Ethereum $204.76 +1.11678%
XRP XRP $0.46 +1.48479%
Bitcoin Cash Bitcoin Cash $440.95 +1.29479%
EOS EOS $5.37 +0.923622%

Subscribe for the latest cryptocurrency news

Please enter a valid email address.
Something went wrong. Please check your entries and try again.

More Crypto News

Solo Mining Bitcoin and Is it Profitable?

September 18, 2018

When Bitcoin launched in 2009, it became the world’s first cryptocurrency. By utilizing miners that…

Three Crypto Wallets Removed By Google Without Warning: CoPay BitPay and

September 14, 2018

Google is once again displaying its distaste towards the cryptocurrency space by removing three wallets…

Small Canadian Town Gives in to Ransomware Hackers, Sends Bitcoin

September 12, 2018

Ransomware is a malicious form of software that makes a device unusable until the victim…

Subscribe for the latest cryptocurrency news

Please enter a valid email address.
Something went wrong. Please check your entries and try again.
Scroll Up