The platform for instant exchange of crypto assets ShapeShift acquired Bitfract, startup which develops tools for more efficient exchange of cryptocurrency, CoinDesk reports.
Developers of Bitfract created a solution that allows to exchange bitcoin for "dozens of crypto assets for a single transaction." This tool enables crypto investors to quickly and easily create a portfolio of digital assets without doing many transactions.
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 enables investors to choose the percentage that they want to place in different assets, then send funds to the appropriate addresses, after only one bitcoin-transaction.
According to the developers, the new service can be useful for crypto investors wishing to save time and reduce transaction fees when creating a portfolio of digital assets, as well as rebalancing it. Also, according to the creators of Bitfract, the new solution to some extent frees the crypto-investors from the need to use centralized trading platforms.
The ShapeShift team intends to leave the product from Bitfract in its current form, integrating its mechanism into its platform.