ShapeShift Acquires Bitfract Tool For Instant Cryptocurrency Swapping

This week, ShapeShift has managed to acquire a unique startup company which boasts of a tool that allows for the quick and efficient transfer of Bitcoin into any number of selected cryptocurrencies.

The company made the announcement on Wednesday of this week of its successful acquisition of the Texas-based startup, Bitfract as it introduced its latest tool – allowing for the exchange of bitcoin for “dozens of digital assets in a single transaction” using the company's API.

🦊📣 We have a big announcement: @Bitfract is now a part of ShapeShift! Get all of the details here: https://t.co/MWQOTSxHGm pic.twitter.com/b4VyzUUYQa

— ShapeShift (@ShapeShift_io) August 8, 2018

This tool serves as a significant advantage for experienced and new cryptocurrency users alike, allowing them to seamlessly transfer their currency crypto into any number of alternatives without having to instigate a number of time-consuming and costly transactions in order to achieve the same result.

According to ShapeShift's CEO, Erik Voorhees, expressed a great deal of excitement at what the tool represents for future users, while also commending the Bitfract team for their innovative thinking in developing such a tool.

“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 tool also provides users with the ability to directly transfer their crypto-assets to another chose crypto in its entirety, while also allowing users to select a varying percentage of their assets to transfer to another coin. This provides a great deal of flexibility for users aiming to diversify their portfolio.

ShapeShift, in acquiring BitFract, intend to utilize their tool in the same way as previously, allowing it to serve “as a demonstration of the power of ShapeShift's open API.” Meanwhile, ShapeShift will also be integrating some of the platform's mechanisms for use on its own platform. In effect, this would create a native ‘multiple out transactions' function for users.

Willy Ogorzaly, the CEO and Co-Founder of BitFract expressed a good degree of optimism regarding the acquisition of the company, believing it will further the goals of giving people autonomy over their money.

“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.”

This acquisition also marks a year since ShapeShift announced the acquisition of another blockchain-based company, this was the bitcoin hardware wallet startup, KeepKey, which was subsequently bought up in early 2017.

In March 2017, ShapeShift managed to successfully obtain $10.4 million in Series A funding, thanks in large part to the lead investment of EarlyBird Venture Capital, along with Lakestar, Blockchain Capital, Pantera Capital and Access Venture Partners.