RATE Group | ShapeShift Buys Cryptocurrency Conversion Startup Bitfract
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ShapeShift Buys Cryptocurrency Conversion Startup Bitfract

09 Aug ShapeShift Buys Cryptocurrency Conversion Startup Bitfract

Posted at 15:47h in Cryptocurrency News by

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ShapeShift has acquired US startup Bitfract, which uses the open API of the Swiss-based company to facilitate the creation of diversified cryptocurrency portfolios.

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Decentralized cryptocurrency conversion platform ShapeShift has bought Texas-based startup Bitfract in a deal apparently designed to bring in-house a functionality the Swiss-based venture was itself looking to introduce.

Bitfract is a tool allowing diversification without the need to go through multiple exchanges. The platform lets users assign a certain allocation for various altcoins and specify addresses for each.  Afterwards, a single Bitcoin transfer to the system will yield the appropriate amounts of Ether, XRP, or other supported coins in the desired wallets.

The benefits of such a system are several, the most notable ones being the hassle-free approach and decentralization. In order to achieve the same effect, one would have to create an account at a cryptocurrency exchange (or several, depending on the…

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