ShapeShift Acquires Bitfract (Which Lets You Trade a Bitcoin for Multiple Altcoins in a Single Transaction)

Bitfract screenshot.png

On Wednesday (8 August 2018), the Switzerland-based crypto exchange ShapeShift announced that it had acquired Texas-based startup Bitfract, which has developed a tool that lets you trade a Bitcoin for multiple altcoins in one simple transaction in order to make it safer/easier "for average users to gain exposure to diversified digital asset portfolios."

Here is how Bitfract works:

  1. As you can see in the screenshot above, you need to select your input asset (currently, Bitcoin, but Ether and Litecoin shupport should be coming soon) and the amount that you want to "convert" into some altcoins (both coins and tokens). Next, you select your output cryptocurrencies (from a list of around 64 altcoins, a few which, such a STEEM, are temporarily unavailable) and for each of these "outputs", you need to specify the percentage of your input Bitcoin holding that you wish to convert into that cryptocurrency. When you are finished with your portfolio allocation, you click on the "Exchange" button to go to the next step.
  2. You need to specify your wallet address for each of the altcoins you chose to convert to in step 1. Then, you click on a "Confirm button" to go to step 3.
  3. Bitfract shows you a QR code representing its Bitcoin deposit address. You then need to send the amount of Bitcoin you specified in step 1 from your Bitcoin wallet to the Bitcoin deposit address shown to you. As soon as your bitcoins have been received and confirmed, Bitfract starts the exchange (using the ShapeShift APIs).

Erik Voorhees, the founder and CEO of ShapeShift, explained why his company had decided to acquire Bitfract:

“The Bitfract team made expert use of ShapeShift’s open API to build a product that we ourselves were planning to build. 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.”

Willy Ogorzaly, a co-founder and CEO of Bitfract, explained why he was so happy about his company being acquired by ShapeShift:

“Out of all of the companies and exchanges in crypto, ShapeShift has always aligned most closely with our mission and values. When Erik asked if we wanted to join ShapeShift, the answer was immediately yes. 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.”

Shapeshift says that, following the completion of the acquisition, "the Bitfract tool will be maintained and continue to operate as a demonstration of the power of ShapeShift’s open API" and the Bitfract engine will be "incorporated into ShapeShift’s core platform in the near future."

 

Featured Image Credit: Image Courtesy of Bitfract

Crypto Market Update: Focus on BTC, ETH, BCH, BNB, XMR, and DASH

Siamak Masnavi

This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Binance Coin (BNB), Monero (XMR), and Dash (DASH)—over the past 24-hour period.

Overall, September 17th is proving to be a bit of a mixed day, with 12 of the top 20 cryptocurrencies (by market cap) in the red at press time (around 06:25 UTC).

BTC-USD

BTC-USD 24 Hour Chart - 17 Sep 2019.png

The bad news is that are still waiting for the launch of Bakkt's physically-delivered daily and monthly Bitcoin futures contracts. So, Bitcoin is still trading mostly sideways, hovering around the $10,300 mark. The good news is that the launch is expected to take place in less than one week (i.e. on September 23), as was confirmed by this tweet that Bakkt sent out on September 16:

ETH-USD

ETH-USD 24 Hour Chart - 17 Sep 2019.png

The Ether (ETH) price continues its upward movement toward the $200 mark, up another 2.24% in the past 24-hour period (making it up 4.32% in the past 7-day period). What may have helped the Bitcoin price yesterday (September 16) is the announcement by crypto payment processor BitPay that in the near future it will be possible for its customers to accept Ether payments for purchases of goods and services. Also, the BitPay wallet will support Ether.

Ethereum co-founder Vitalik Buterin had this to say about the news:

"It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems. This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies.

BCH-USD

BCH-USD 24 Hour Chart - 17 Sep 2019.png

On Monday (September 16), Bitcoin.com announced that it had entered into a strategic partnership with Taiwanese smartphone manufacturer HTC, as a result of which the Bitcoin.com wallet will come preinstalled on HTC's current and upcoming blockchain phones (Exodus 1 and Exodus 1s):

BNB-USD

BNB-USD 24 Hour Chart - 17 Sep 2019.png

Although BNB is currently in the red, this may change during the next several hours once all of the six mini announcements that Binance plans to make today have come out:

The first of the six announcements that Binance CEO Changpeng Zhao (aka "CZ") referred to is the addition of support for Cosmos (ATOM) to Binance's Margin Trading platform:

XMD-USD

XMR-USD 24 Hour Chart - 17 Sep 2019.png

OKEx Korea announced on Monday (September 16) that it intends to delist all five privacy coins it is currently supporting, i.e. XMR, DASH, ZEC, ZEN, and SBTC, due to concerns that these cryptocurrencies do not allow it to implement FATF's so-called "travel rule". 10 October 2019 is the date on which transaction (i.e. trading) support ends.

DASH-USD

DASH-USD 24 Hour Chart - 17 Sep 2019.png

Since OKEx Korea's delisting announcement mentioned DASH, you would expect it to be down today, just like XMR. However, it is not, and that is very likely due to the fact that today (September 17) is the day that trading in DASH is expected to start on Coinbase Pro on/after 09:00 PST (16:00 UTC) provided that there is sufficient liquidity.

Featured Image Court: Photo via Pixabay.com