News

ShapeShift acquired a startup Bitfract

On August 8 a cryptocurrency exchange ShapeShift announced that it acquired the Texas-based startup Bitfract, that has developed a tool that allows users to trade a Bitcoin for multiple Altcoins in one simple transaction that makes it simpler/safer for the average user to get exposure to diversified digital assets.

“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”, – said Erik Voorhees, the CEO of ShapeShift.

The tool works by letting investors choose what percentage of their holdings should be in a particular asset, add the destination wallet addresses and send bitcoin in a single mass transaction.