Crypto prices may be in a slump, but that doesn’t mean crypto-centric firms cease their operations. In fact, some companies have not just survived, but thrived in this bearish market, with Switzerland-based ShapeShift making an exciting acquisition.
As per a blog post released by the startup on Tuesday, Shapeshift AG has acquired an American software firm named Bitfract. For those who are unaware, Bitfract is the company behind a tool (which is based on ShapeShift open API) that allows its users to trade Bitcoin into an array of other digital assets, all in a single transaction.
— ShapeShift.io (@ShapeShift_io) August 8, 2018
This startup slots right in with the goals ShapeShift’s executive team had in mind for their firm, as the service has become well-known for offering near-instant crypto-to-crypto transactions 24/7. Speaking more on this advantageous move, Erik Voorhees, the Founder and the CEO of ShapeShift noted:
“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.”
Bitfract’s mission for its product is to provide a safe and easy-to-use method for “average users” to get their hands on an assortment of crypto assets, with a focus on the diversification of cryptocurrency portfolios. The innovative tool allows its users to rebalance their portfolio without the need for dozens of transactions, which saves a vast amount of time and fees.
On the other end of the deal, the acquired firm’s CEO Willy Ogorazly held high hopes for the team up with Shapeshift, stating:
“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.”
Closing off the blog post regarding this business deal, it was added that Bitfract’s tool will eventually see integration into ShapeShift’s core platform “in the near future.”
With this move, the cryptocurrency trading service will continue to be a foremost player in this growing industry, as it provides an accessible trading service for any type of investor out there.
ShapeShift Isn’t The Only Firm To Make An Acquisition In This Nascent Industry
The Swiss crypto firm isn’t the only exchange to make an acquisition as of late, with Binance recently buying out Trust Wallet, yet another American startup.
For the uninitiated, Trust Wallet is a mobile-focused Ethereum wallet that puts control back into the hands of the consumer, with the firm taking close to zero personal and confidential information that pertains to a certain user. Trust Wallet will likely be integrated into Binance Chain, the platform’s upcoming decentralized exchange, as a native wallet.
It seems that acquisitions are becoming a common theme in the industry, with larger crypto corporations bolstering their operations with the purchase of innovative products/services.