ShapeShift to Acquire Bitfact

Bitfact is a startup, specialized in developing tools for effective cryptocurrency exchange
09 August 2018   500

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

Erik Voorhees

CEO, ShapeShift

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.

SEC to Cease Simex Securitites Trading

As reported, under the federal securities laws the SEC can suspend trading in a stock for 10 days
23 October 2018   41

The US Securities and Exchange Commission (SEC) suspended trading in securities of the American Retail Group (OTC: ARGB), also known as Simex, Inc. This is reported on the website of the agency.

According to representatives of the regulator, the decision was caused by false statements by the company about partnership with a “qualified and approved custodian”. The company also conducted an ICO, which allegedly "officially registered in accordance with the requirements of the SEC."

The SEC does not endorse or qualify custodians for cryptocurrency, and investors should use vigilance when considering an investment in an initial coin offering.

Robert A. Cohen

Chief, SEC Enforcement Division’s Cyber Unit

As reported, the SEC can suspend trading in a stock for 10 days and generally prohibit a broker-dealer from soliciting investors to buy or sell the stock again until certain reporting requirements are met.

Also earlier this month, the American regulator recommended investors to "be vigilant when considering the possibility of investing in the ICO."