ShapeShift Acquires KeepKey in a Move to Provide Seamless Crypto Exchange
by
Colin Firth
Shapeshift hopes that the acquisition will help it to provide an easy exchange mechanism, improving volumes.
In a development that marks the growing maturity and innovation of the market, Swiss digital currency exchange Shapeshift AG has acquired KeepKey Holder LLC, a digital wallet maker, in an all-Bitcoin deal.
The terms of the deal were not disclosed but this acquisition has been innovative in more than one way - this is probably the first major acquisition deal to be completed purely using bitcoins.
One of the major drawbacks of the crypto industry is the fact that the sending and receiving of cryptocurrency requires a digital wallet which is always located online.
So, a user has to create a wallet with a digital wallet provider and then move to the exchange to send or receive digital currency to that wallet. This is not only a cumbersome process, it also exposes the client and the wallet to a lot of security risks.
Providing a Smooth Exchange
Shapeshift hopes to overcome this problem by having both the wallet and the exchange in the same place and by using a hardware wallet, thus providing a seamless experience to its clients and also improving the security of these digital assets.
The Chief Operating Officer of Shapeshift, Erik Voorhees, said: "Amid heightened interest in the concept of digital currencies, a simple, user-friendly Cold Storage wallet with the ability to facilitate trading or exchanging for another crypto-currency is key to wider adoption.”
Digital currencies are usually stored online on a laptop or similar such instrument, which opens them up to possible theft and hacking. The company hopes to overcome this problem by using a cold-storage wallet - storing the digital assets offline will reduce the risk of them being stolen.
Shapeshift believes that the KeepKey wallet will be able to help them provide a smooth experience for its users, and improve its volumes and margins.
In a development that marks the growing maturity and innovation of the market, Swiss digital currency exchange Shapeshift AG has acquired KeepKey Holder LLC, a digital wallet maker, in an all-Bitcoin deal.
The terms of the deal were not disclosed but this acquisition has been innovative in more than one way - this is probably the first major acquisition deal to be completed purely using bitcoins.
One of the major drawbacks of the crypto industry is the fact that the sending and receiving of cryptocurrency requires a digital wallet which is always located online.
So, a user has to create a wallet with a digital wallet provider and then move to the exchange to send or receive digital currency to that wallet. This is not only a cumbersome process, it also exposes the client and the wallet to a lot of security risks.
Providing a Smooth Exchange
Shapeshift hopes to overcome this problem by having both the wallet and the exchange in the same place and by using a hardware wallet, thus providing a seamless experience to its clients and also improving the security of these digital assets.
The Chief Operating Officer of Shapeshift, Erik Voorhees, said: "Amid heightened interest in the concept of digital currencies, a simple, user-friendly Cold Storage wallet with the ability to facilitate trading or exchanging for another crypto-currency is key to wider adoption.”
Digital currencies are usually stored online on a laptop or similar such instrument, which opens them up to possible theft and hacking. The company hopes to overcome this problem by using a cold-storage wallet - storing the digital assets offline will reduce the risk of them being stolen.
Shapeshift believes that the KeepKey wallet will be able to help them provide a smooth experience for its users, and improve its volumes and margins.
Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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