ShapeShift Raises $10.4 Million from Venture Capital Funds

Bucking the crowdfunding ICO trend, the crypto exchange has turned to a traditional Series A funding round.

ShapeShift, an instant digital asset exchange for Bitcoin, Ethereum, Dash, Monero and dozens of other blockchain tokens, has just announced the completion of a $10.4 million Series A funding round, led by the Berlin-based VC Earlybird.

Other new investors include Lakestar, Access Venture Partners, Pantera Capital, and Blockchain Capital, with previous backers FundersClub and Digital Currency Group also participating.

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“ShapeShift’s team built a compelling crypto exchange engine which can be easily integrated into third-party products given its unique trustless design,” said Christian Nagel, Partner at Earlybird. “It is uncommon to find the powerful combination of a noted serial Bitcoin entrepreneur, a senior team with deep industry knowledge, and a strong vision as the one present at ShapeShift.”

Erik Voorhees

“When we started ShapeShift, a future world of natively digital assets was very theoretical,” said Erik Voorhees, founder and CEO of ShapeShift. “Yet this world is quickly arriving; one in which millions of forms of digital value, from access keys to tokenized derivative contracts to video game items, will trade between people and machines all over the world, every second of every day. Just as information has gone natively digital, so too now goes value. Bitcoin taught a skeptical world how to do it, and the gold rush is on.”

“Pantera believes in a future where myriads of digital assets will facilitate innovative use cases and products,” said Paul Veradittakit, Partner at Pantera. “ShapeShift has done a tremendous job providing a seamless way to exchange such assets, and is spearheading this vision with upcoming financial products. Most importantly, we invested in ShapeShift because of our confidence in Erik, whom we’ve known for a while and has demonstrated the leadership and qualities to succeed in this space.”

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