ShapeShift launches new non – custodial exchange platform
A major announcement was made from Shapeshift, as it will launch a new exchange platform which will enable its users to keep their private keys for each cryptocurrency they own.
The new feature will replace many cryptocurrency users’ concerns and fears regarding the safety and the ownership of their cryptos in different exchanges as there was always a threat for data breach, passwords leak or crypto deposits fraud.
The new platform will give the opportunity to its users to buy and sell over 50 cryptocurrencies and digital assets, while holding their private keys without the platform’s custody. ShapeShift, according to its founder and CEO, Eric Voorhees, will be the first decentralized platform that will operate in multiple blockchains.
“We want to reach out users that want to participate in the cryptocurrency community but want to feel secure about their assets by keeping its private keys”, Voorhees said.
At this point, we want to highlight some facts about ShapeShift. The company started back in 2015, raising a seed funding round of $ 525,000 from Roger Ver and Barry Silbert. Its initial purpose was to make cryptocurrency conversion easy and without complicated processes.
ShapeShift was under hackers’ attacj in the spring 2016, when over 500 BTC were stolen from users’ hot wallets. Apart from that, it faced different regulation issues (like many crypto exchanges) with the KYC (Know-Your-Customer) procedure and the accusation for money laundering from criminal activities.
In any case, ShapeShift’s move shows willingness to win users’ trust and bring people that want to make their first steps in the crypto ecosystem.