The new ShapeShift platform offers an integrated package for managing digital assets, providing a comprehensive tool for secure storage, purchase, sale, trading and tracking of cryptographic data, the company said.
The platform supports 50 cryptocurrencies, including bitcoin (BTC), ethereum (ETH) and litecoin (LTC). ShapeShift stressed that this platform is aimed at ordinary international traders, and not institutional investors.
Thus, users of the ShapeShift platform can now integrate with the platform using their hardware wallets, such as Trezor or KeepKey, owned by ShapeShift, according to a company press release.
ShapeShift claims that more methods of storing private keys will be deployed later.
In a press release, ShapeShift founder and CEO Eric Voorhees said the company has been preparing the initiative for more than a year. He stressed that the platform is not related to storage, as the main focus is on eliminating security risks.
Unlike depository exchanges such as Coinbase, non-depository platforms do not have access to user funds due to the lack of control over users’ private keys.
It is reported that Shapeshift is one of the most popular platforms providing exchange of cryptographic data without a deposit. Although creating an online account is still required.
In mid-May, Shapeshift CEO Voorhees argued that bitcoin cannot cost trillions without experiencing “cyclical bubbles”, implying that bubbles are an important part of the development of the cryptoindustry. In early 2019, Voorhees announced that the company had to lay off a third of its staff because of the long period of the bear market.