The cryptocurrency ecosystem is changing, thanks to companies like ShapeShift that are giving individuals the power to digitally exchange assets quickly and without possessing an account. The company vows that a user will never have to create a password, submit an email address or sign up in a lengthy process. ShapeShift’s goal is to be the fastest, most private and most convenient way to swap digital currencies.
Safe and swift
ShapeShift is described as the fastest and safest digital asset exchange in the world, with no users not requiring an account to exchange blockchain tokens in mere seconds. The firm pioneered “Consumer Protection by Design” —a concept that enables web and API-based trading without counter-party risk.
The company, which began as a crypto-exchange service provider and was founded in 2014 by Erik Voorhees, supports 60-plus digital assets for exchange.
“The best way to explain how this product functions is that it is like a vending machine,” according to a spokesperon. “You put in one coin and choose another as your output.”
The company’s most recent product, Prism, is a trustless portfolio asset exchange, allowing users to gain exposure to a portfolio of assets via an Ethereum smart contract.
“It allows users to gain the exposure of many assets without having to hold the public and private keys of every coin wallet,” she said. “This platform is the first of its kind and is arguably the only functioning smart contract platform in the world.”
Another product is CoinCap.io — a digital asset data site that lets users see price differences in real time. iOS and Android users can also see prices fluctuate by way of smartphone apps.
KeepKey, a recently acquired hardware, lets users save several different assets on cold storage. It’s often deemed the most secure way to keep digital holdings.
New way to exchange
Voorhees, who was heavily involved in the Bitcoin world since 2011, created ShapeShift as a method of solving his own issues relating to investing in multiple assets without running into red tape.
Going beyond traditional exchanges has led to ShapeShift’s impact in regards to crypto-related financial problems. For example, Prism has no direct competitors and is the only functional smart contract-powered product. CoinCap specializes in push notifications and portfolio manager options.
“We have three main points that allow us to stand apart in the space: No accounts are needed, thus no user data is at risk; we are noncustodial, so we are never actually holding users funds — another security aspect of using our product; and we offer competitive rates,” the spokesperson said. “We are constantly buying and selling from various exchanges to ensure we can give users the best pricing.”
Strong support and more innovation
ShapeShift prides itself on exceptional customer support, especially given that the crypto-space has grown exponentially in just the last few months alone. Emily said they hire a new support agent almost every week, making a decision to not outsource services.
The company also has a full-time community manager that scours social media channels like Twitter, Reddit, Facebook and Slack in an effort to further connect with users.
In terms of looking towards the future, it’s actually already here.
“We like to say a month in the blockchain space is the equivalent of one normal 365-day year,” the spokesperson said. “Things move very rapidly so it’s not always easy to know what the crystal ball holds, but we are innovating as rapidly as we can. This innovation comes in the form of all of our team members discovering what products they wished existed, what problems in the finance-blockchain space we would like to solve by creating new products and services.”