ShapeShift AG announced that it has acquired the Austin-based software company known as Bitfract. Bitfract built the only tool available that allows users to trade Bitcoin in dozens of different digital assets and just in a single transaction. Full information has been released by ShapeShift on its blog.
ShapeShift Acquires Bitfract
As the blog post reads, the Bitfract team was able to make an expert use of ShapeShift’s open API in order to build a very good product.
Erik Voorhees, Founder and CEO of ShapeShift, explained:
“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.”
Bitfract has been built in order for users to gain exposure to different digital assets and portfolios. With these tools, users are able to rebalance their portfolio without having to perform multiple transactions.
This works in a very easy way. Users can choose their assets and the allocation percentage, input the destination wallet address, and send bitcoin. Once this process is done, the virtual currencies are then delivered to the users.
“Out of all the companies and exchanges in crypto, ShapeShift has always aligned most closely with our mission and values,” commented 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.”
In this way and, with these investments made by ShapeShift, the company increases its presence in the cryptocurrency market and blockchain world. Indeed, it lays the foundation in order to expand its offerings. In the future, the Bitfract tool will be maintained and keep operating so as to show the power of ShapeShift’s open API.
For those that are asking what will change in the ShapeShift’s core platform, the ‘multiple output transactions’ functionality will be incorporated into the ShapeShift. At the moment there is no clear date for it to happen, but it may happen in the near future.