ShapeShift Shift Direction
ShapeShift founder Erik Voorhees just announced a dramatic change of direction for the company. The Medium post outlined that they will no longer directly interface with customers and will instead help users connect with Ethereum DeFi exchanges.
ShapeShift will initially connect users with 1Inch, Balancer, Uniswap, Kyber and 0x, although I didn’t spot SushiSwap. No additional fee will be taken, and users will earn FOX tokens for their swaps.
Native un-wrapped BTC will also be supported in the next few months, and the new platform is available on web, android and iOS.
User Privacy
The move allows the company to circumvent KYC regulations, with Erik reiterating support for our industry’s values and taking a stand against the surveillance state.
They will no longer be required to collect user data, although former users’ data will be stored for several further years.
Integrated fiat partners will still require KYC.
Conclusion
ShapeShift’s transition is a clear recognition and endorsement of the unbelievable progress made by Ethereum DEX’s over this year. We’re seeing over $10b of weekly volume a number that was unimaginable just a year ago.
DeFi is continuing to break records, and now cement its position as a global financial ecosystem. ShapeShift will likely be a first mover as more and more companies realise the legitimacy and scope of this new paradigm.
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