In an effort to higher shield customers whereas rising transparency, ShapeShift, a non-custodial cryptocurrency trade, as we speak introduced it has built-in decentralized trade protocols into its platform.
Now, ShapeShift’s clients will be capable of commerce immediately with these exterior protocols, relatively than buying and selling with ShapeShift as an middleman, for a simple and seamless person expertise. This transformation implies that ShapeShift clients will now not want to offer personally identifiable documentation to satisfy “Know Your Buyer” (KYC) regulatory necessities for buying and selling, giving clients better privateness, safety, and transparency over their order circulation.
Options
Ethereum and ERC20 belongings at the moment are obtainable for decentralized buying and selling by ShapeShift’s interface. Bitcoin will likely be added in Q1 2021 (native BTC, non-wrapped). Through the use of ShapeShift to commerce by DEX protocols, customers get the most effective charges throughout a number of venues and earn FOX tokens on each commerce.
Over the previous yr, decentralized exchanges—that are software program protocols for people to commerce transparently and with none middleman—have grown in recognition. They provide customers unprecedented auditability and management over their digital belongings, supply usually decrease charges, and scale back counterparty threat.
“The tempo of innovation in decentralized expertise is inspiring,” mentioned Erik Voorhees, CEO of ShapeShift. “These borderless, open supply tasks have created a far safer person expertise, so we’ve determined to combine them into ShapeShift’s platform going ahead.”
The change allows ShapeShift clients to entry deep digital asset liquidity throughout greater than a thousand new belongings and thru a number of decentralized exchanges for superior pricing. As a result of ShapeShift is now not performing as any type of monetary middleman or counterparty, this new, frictionless UX frees customers from having to offer private, personal data.
“Centralized exchanges are black containers: there isn’t a technique to audit them from the skin. You need to belief the operators of that trade and another social gathering that may entry that knowledge, and that belief is usually breached,” mentioned Voorhees. “Our purpose is to guard individuals and produce transparency to the monetary system. That is open-source finance.”
