Tech 28 February 2018Erik Gibbs
ShapeShift Bitfract changes cryptocurrency swapping landscape
ShapeShift is already a revolutionary asset in the cryptocurrency world. Its platform allows for cryptocurrencies to be almost instantaneously exchanged from one coin to another without the need of an account. It’s one of the most private and fastest methods of swapping digital currency, and now it’s ready to kick things up a notch. The company recently, and quietly, rolled out a beta version of its Bitfract platform, which allows a user to exchange a single currency to multiple currencies in one step.
ShapeShift works in a number of cryptocurrency wallets without the necessity of relying on a centralized exchange. Bitfract uses the same technology, only more robust to allow multi-currency transactions. There are no additional fees other than ShapeShift’s standard commission, or miner fee, and the application is free to use. Miner fees vary from coin to coin, but the fee for a Bitcoin Cash exchange is 0.0002 BCH and for an Ether transaction, the fee is 0.0015 ETH.
The tool promises to be helpful to anyone who owns a wide range of cryptocurrencies. The beta version only supports legacy Bitcoin (BTC), Ethereum and Litecoin, but other coins will be added in the future. When Bitfract is launched in its entirety, it will include Bitfract Labs, which is designed to track cryptocurrency historical performance over years and will help investors create custom portfolios. Bitfract Labs will provide the ability to allocate currencies in a portfolio based on market cap, weights or percentages.
ShapeShift offers trading across both web and mobile devices. Cryptocurrency exchanges never pass through the company’s bank accounts, instead going from the sender to the receiver directly, with only the fee being taken by ShapeShift. It was founded in 2013 and is backed by Digital Currency Group, Bitfinex and Bitcoin Capital, among others. Last year, the company raised just over $10 million from European venture capitalist firm Earlybird.
Bitfract is just the latest example of the rapid evolution of the cryptocurrency industry. Just as paper money went through hundreds of cycles—and still does today—to meet society’s requirements, so did cryptocurrencies and their underlining technologies. Each step provides greater access to, and enhanced usability in, the digital coin market.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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