Crypto brokerage service ShapeShift has announced the upgrading of its price quotation model for traders.
The site allows traders to trade any of the 34 cryptocurrencies against each other, effectively enabling over 750 different pairings.
The Switzerland-based platform is not order book-driven, rather a brokerage service.
It is strictly no-fiat, operating entirely with cryptocurrency. Although traded volumes are miniscule when compared with many other bitcoin and altcoin exchanges, its niche transaction model can find favor with some traders looking for a different experience.
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Traders do not deposit any funds for custodianship with the broker. They instead lock in a quoted price, provide a receiving address and deposit the cryptocurrency they are looking to dispose of.
ShapeShift CEO and crypto entrepreneur Erik Voorhees described the change as follows:
“Our prior system wasn’t able to take into consideration the size of the user’s trade, so the price they received had a “safety buffer” that led to less competitive rates. Now, if the user opts to tell ShapeShift how much digital currency will be traded, a significantly better exchange rate will be provided.”
The startup has reportedly also been forging strategic partnerships throughout the industry, including with Coinomi and Purse.io.