ShapeShift Crypto Exchange Buys US Startup Bitfract

The Bitfract solution will allow traders to buy several different cryptocurrencies in one order.

by Nina Dimitrova
09 August • 2 mins
In News

Swiss cryptocurrency exchange ShapeShift said it has acquired the newly-established US software company Bitfract.

 

According to ShapeShift’s statement, Bitfract has built a tool that allows users to trade bitcoin into several digital assets in a single transaction - a product ShapeShift itself was planning to build. Furthermore, the Bitfract tool was built using ShapeShift’s public API.

 

The Bitfract tool allows users to buy several different cryptocurrencies in one order, without multiple transactions and exchanges and the fees that come with them. Instead, the traders can choose the assets and allocation percentages, provide the wallet addresse and place an order. Then the trader directly receives the cryptocurrencies in the respective wallet.

 

This saves time, both from trading and waiting for the transactions to go through, which sometimes can be lengthy and annoying, and the need to open accounts in different exchanges in order to trade all the assets one wants. Besides, ShapeShift supports buying of cryptocurrencies with credit cards.

 

“Out of all of the companies and exchanges in crypto, ShapeShift has always aligned most closely with our mission and values,” said Willy Ogorzaly, co-founder and CEO of Bitfract.

 

“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,” he added.

 

After the sale, the Bitfract tool will be maintained and will continue to operate by using ShapeShift’s open API. The “multiple output transactions” functionality that supports buying of several cryptos in one order will be incorporated in ShapeShift’s platform “in the near future”.

 

ShapeShift is a Swiss-based cryptocurrency exchange that offers crypto-to-crypto trading Bitcoin, Ether, Bitcoin Cash, Litecoin, XRP, Monero, Ether Classic, Dash, Neo and the Binance Token, plus some other less popular coins and tokens. It also supports buying of some cryptos with a credit card.