Cryptocurrency trading start-up Bitfract that was started just few months ago, has been acquired by ShapeShift.
Bitfract is a Texas-based start-up, which enables traders to optimise their asset allocation, and it was founded only a few months ago. The start-up enables users to exchange Bitcoin for thousands of different digital assets.
In addition, the firm was founded in order to provide cryptocurrency traders with a more simple route to portfolio diversification.
However, on Wednesday, ShapeShift, a company that provides digital asset trading platforms, released a statement it has acquired Bitfract.
Bitfract Role In Cryptocurrency Trading
Bitfract offer unlimited selection of cryptocurrencies, unlike many other crypto exchanges that mainly offer Bitcoin, Litecoin and Ethereum.
For instance, Coinbase , one of the largest exchanges in the world, only offers traders access to Bitcoin, Litecoin and Ethereum. Many traders, however, do want access to a wider variety of cryptocurrencies. Prior to Bitfract’s founding, this was possible but it was a complex process.
Traders would have to set up multiple wallets and open accounts on numerous exchanges. On top of this time-consuming element, it meant having to pay high fees to all of the various exchanges that offered traders their desired cryptocurrencies.
However, Bitfract’s technology simplified this process. Traders using the service can purchase multiple coins using their own cryptocurrency. Bitfract made it possible for trader or investor to use one bitcoin to purchase a set amount of ethereum, ripple and litecoin in one go. That means the trader can obtain their desired cryptocurrencies without having to go through multiple exchanges and make multiple transactions. In a simple way Bitfract just made things easy.