ShapeShift AG, a Switzerland based trading platform has declared its acquisition of Bitfract. The latter is a software company, which enables to exchange Bitcoin into other cryptocurrencies into a single transaction.
Shapeshift said on Wednesday, August 8 that they decided to acquire Bitfract after the latter developed a tool, which enabled a seamless swapping of Bitcoin for several other digital currencies in a single transaction. The tool makes it simpler for cryptocurrency buyers to exchange their portfolio without going through the pain of executing numerous transactions.
The company feels that the Bitfract tool has the potential to become a major game changer in the coming days. It has the ability to make the purchasing process simpler by enabling the users to swap their Bitcoin portfolios in easy and quick steps.
The CEO and founder of ShapeShift, Erik Voorhees, expressed his appreciation on the way the Bitfract team executed the tool his company was planning to build itself. The tool will allow the users to get exposure to a diversified portfolio comprising of digital assets. Since the investors need to do only a single transaction, their time and fees will be saved.
The Bitfract tool lets an investor select the specific percentage of his/her holding to be invested in a certain asset. Plus, the destination wallet addresses, as well as Bitcoin, are sent in only one mass transaction.
Shapeshift’s Upcoming Plan For Bitfract Tool
Shapeshift has an intention of using the Bitfract tool in its current form. It will demonstrate the power of the company’s open API. But, the exchange is all set to integrate the mechanism of the platform into its platform. The integration will create a native function for “multiple output transactions.
The company’s latest move has come less than twelve months after sharing the news of its acquisition of a startup business, according to CoinDesk. This company acquired the Bitcoin hardware wallet business, called KeepKey.
The post Bitfract Acquired By ShapeShift For Efficient Exchange Of Bitcoin appeared first on OWLT Market.
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