The Digital Asset Exchange ShapeShift acquired Bitfract, a software company based in Austin, as part of its efforts to expand its offerings.
Bitfract is the creator of a tool that allows users to exchange bitcoin in dozens of digital assets in a single transaction. Users only need to choose their assets and assign percentages, enter the addresses of the destination wallet and send bitcoin.
The tool was created to help users obtain exposure to portfolios of diversified digital assets in a safe and simplified manner. It would also help them save time and fees.
Erik Voorhees, Founder and CEO of ShapeShift, said:
“The Bitfract team made expert use of the open ShapeShift API to build a product that we were planning to build ourselves. This demonstrated a great alignment of strategy and thinking, and its execution was so exceptional that we wanted to incorporate its talented team and technology.”
The Bitfract tool will be maintained and will continue to operate after the acquisition. ShapeShift said the functionality of the Bitfract platform that provides “multiple outgoing transactions” will be incorporated into its core platform in the near future.
“We believe in a decentralized future in the control of individuals freely their digital riches, and our team has the honor to work together with Erik and everyone in changing ways to make this a reality,” said Willy Ogorzaly, Co-founder and CEO of Bitfract.
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