ShapeShift — a Switzerland-based crypto exchange — unveiled a new noncustodial exchange that will support hardware wallets.
According to the firm’s July 8 press release, the new ShapeShift platform will provide an integrated digital asset management suite for multiple blockchains. Through the platform, the company will benefit from an end-to-end tool that will store, trade, sell, buy, and track cryptos.
ShapeShift stated that the platform which targets common international traders instead of attracting institutional investors would support almost 50 cryptocurrencies including litecoin, bitcoin, and ether.
Users can, therefore, use hardware wallets like KeepKey (ShapeShift-owned) or Trezor to integrate with the launched platform. More private keys’ storage methods will be coming out soon, according to the press release.
Erik Voorhees, ShapeShift CEO and founder, revealed that the initiative — which was prepared for more than a year — would greatly eliminate security risks since the platform is noncustodial in nature.
“Noncustodial means that a user doesn’t have to trust someone else with their funds. It means they stay in control of their private keys, and thus they are fully in control of their crypto…….we built ShapeShift to make it easy and convenient to hold and interact with digital assets from a standard web-browser.”
Noncustodial platforms differ from custodial cryptocurrency exchanges such as Coinbase since they cannot control users’ private keys, making them unable to access user’s funds.
Although ShapeShift has to create an online account still, the firm is amongst the popular noncustodial exchanges that offer crypto coins.
In trying to emphasize the importance of bubbles in the crypto industry development, Voorhees (ShapeShift CEO) categorically argued out — in mid-May — that bitcoin cannot be worth trillions without experiencing “cyclical bubbles.” At the beginning of 2019, he stated that the prolonged bearish market period made the company to lay off approximately a third of its staff.