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ShapeShift launches new non-custodial crypto management platform

Image Credit: ShapeShift Twitter

Tue, 09 Jul 2019, 03:51 am UTC

Digital asset exchange ShapeShift has launched on Monday its new non-custodial crypto management platform.

The new web-based crypto platform, which can be found at the domain Shapeshift.com, aims to provide services similar to custodians like Coinbase but without custody.

The crypto financial revolution will not be realized by a new set of custodial kings. You control your keys, you control your crypto. To us, this is not a slogan, but a mandate,” its press release stated.

Contrary to the old ShapeShift that only converts one asset to another, the latest platform now offers a true end-to-end solution to store, send, receive, trade, and trace several cryptocurrencies in a single place, with more than 50 digital assets supported including bitcoin cash (BCH), litecoin (LTC), and ethereum (ETH).

In addition, using ShapeShift’s newly integrated digital management suite requires a connected hardware wallet, either KeepKey or Trezor, and Ledger soon. Its approach aims to remove counterparty risk and liquidity.

The new platform, which targets international retail audience, also boasts of a new app that is tethered to real-time market data using the Coincap API, providing users precise and updated pricing and historical data.

ShapeShift founder and CEO Erik Voorhees told CoinDesk that 20,000 users took part in the platform’s closed beta. He also added that a mobile app will be released soon as well as more assets and features, including lending markets, derivatives, and fiat options. The know-your-customer (KYC) protocol will be followed for trading.

To date, no other company has built a crypto platform that is non-custodial, enables native exchange, and supports dozen of digital assets on multiple chains, all available in a standard web browser,” the announcement noted.

Just recently, blockchain startup Blockstream announced that its mobile crypto wallet, Green Wallet, now supports the firm’s Liquid Network sidechain allowing users to store, buy, and receive Liquid Bitcoin (L-BTC) and Issued Assets on the Liquid sidechain.

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