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ShapeShift Acquires Tool That Quickly Swaps Bitcoin for Other Cryptos

August 09
10:05 2018

ShapeShift has acquired a startup that developed a tool for exchanging cryptocurrencies more efficiently.

The company said Wednesday that it acquired the Texas-based Bitfract after it made the tool – allowing for the exchange of bitcoin for “dozens of digital assets in a single transaction” using the company’s API. The idea is that the tool makes it easier for crypto-buyers to switch up their portfolio without having to execute numerous transactions.

“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,” CEO Erik Voorhees said in a statement.

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.

ShapeShift intends to continue operating Bitfract’s tool in its present form “as a demonstration of the power of ShapeShift’s open API.” However, the exchange will also integrate the platform’s mechanism into its own platform, creating a native “multiple output transactions” function.

Continue Reading at Coindesk

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