Shapeshift, a Zug-based trading platform for crypto currencies, has made an acquisition in the U.S. – and paid for the transaction in bitcoin.
Shapeshift, a trading platform for bitcoin and other digital currencies, has agreed to buy Keepkey Holder, a company based in Seattle. The Swiss fintech paid in bitcoin for the U.S. maker of digital wallets, «Reuters» reported.
The companies didn’t disclose the terms of the transaction, according to the report. But the use of bitcoin shows that some companies put significant trust in the future of the currency that recently has seen its value surge.
Safe Storage for Crypto Currencies
Keepkey is a maker of digital vaults for the safekeeping of crypto currencies. The company has found ways to store digital assets offline – a so-called cold storage wallet. This ought to protect assets from theft and hacker attacks.
Shapeshift was founded in 2014 by Erik Vorhees. It became the victim of a theft in 2016 and lost $230,000. By using Keepkey together with Shapeshift exchange, chances of a cyber-attack become greatly diminished, Voorhees told «Reuters».
Bitcoin Boom Boosts Shapeshift Trading Volumes
«With Shapeshift, users don't need to leave funds at an exchange,» Vorhees said. «With Keepkey, users don't need to leave funds on any computer whatsoever. We see a future in which keys are kept on hardware, and noncustodial exchange occurs directly from the hardware.»
The boom of bitcoin has led to an increase in trading on the Shapeshift platform to the tune of 1,500 percent over the past 12 months.
