ShapeShift AG which is a trading exchange based in Switzerland has revealed that it has acquired Bitfract. The latter is a startup firm that has created a product that exchanges digital currencies efficiently.
Bitfract?s product enables users to exchange Bitcoin (BTC) into various other cryptocurrencies in a single transaction seamlessly. Users can swap their BTC using an API. An individual will only require one click to transform the coin into several digital currencies and transferring them into several wallets.
The Swiss exchange announced through a post that the said product is set to be a gamechanger by simplifying the purchasing process of cryptos. This is because users can use it to rebalance their digital currency portfolios quickly and in a simple manner.
Founder and CEO of ShapeShift, Eric Voorhees was inspired by Bitfract?s creation of the product. He revealed that his company had similar plans to develop such a tool. ?The Bitfract team made expert use of ShapeShift?s open API to build a product that we ourselves were planning to build,? he stated.
Voorhees felt that Bitfract?s team showed a high degree of strategy and innovation, consequently executing their product in such an extraordinary manner. Hence, ShapeShift could not hesitate to bring the said experienced team as well as their technology on board of the Swiss firm.
The Swiss exchange already has a famous and efficient product for swapping digital currencies existing in the market. The existing product is utilized by users to exchange one token for another quickly and efficiently.
With the acquisition of the new product from the Texas-based firm, ShapeShift users have a reason to smile. They will even find it easier to adjust their virtual currency portfolio without having to carry out many tedious transactions.
The new product simply converts BTC into a different digital currency (or several) by sending it to the firm?s address. It then integrates to ShapeShift?s open API where it is changed into several virtual currencies, all in a single transaction.
Although the Swiss firm intends to use the product as it is, it confirmed that will utilize the same product to grow its products.