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Crytpo asset exchange ShapeShift acquires Bitfract
Digital asset exchange ShapeShift has acquired Bitfract, an Austin-based software firm, as part of its efforts to expand its offerings.
Bitfract is the creator of a tool that enables users to trade bitcoin into dozens of digital assets in a single transaction. Users just need to choose their assets and allocate percentages, input the destination wallet addresses, and send bitcoin.
The tool was built to help users gain exposure to diversified digital asset portfolios in a secure and simplified manner. It would also help them save time as well as fees.
“The Bitfract team made expert use of ShapeShift’s open API to build a product that we ourselves were planning to build,” said Erik Voorhees, Founder and CEO of ShapeShift. “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.”
According to the official announcement, the Bitfract tool will be maintained and continue to operate following the acquisition. ShapeShift said that Bitfract platform’s functionality that provides “multiple output transactions” will be incorporated into its core platform in the near future.
“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,” said Willy Ogorzaly, Co-Founder and CEO of Bitfract.