Switzerland based Crypto Exchange ShapeShift has introduced a one-stop shop for non-custodial crypto platform running across multiple blockchains, the company declared in a press release on July 8.
The new platform is being available on domain ShafeShift.com, with the main goal of providing services to custodians just as coinbase, along with giving users full access to their private keys.
“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.
The platform provides an inbuilt suite for digital asset management, allowing an end-to-end tool for secure storing, buying, selling, trading, and tracking cryptos, the firm said.
The platform supports more than 50 cryptocurrencies along with Bitcoin (BTC), Ether (ETH), and Litecoin (LTC). ShapeShift said that it has been developed to reach international traders rather than institutional investors.
Apart from this, using a new platform requires a connected hardware wallet such as KeepKey or Trezor. The firm's main goal here is to reduce counterparty risk. ShafeShift stated that different methods to store the private keys would be introduced soon.
The ShafeShift is developing this platform for over a year, and it is specially meant for the retail audience. Here, the latest functionality is intended to expand the firm's ambitions, ShafeShift CEO Erik Voorhees says that the new platform is in keeping with ShapeShift’s open-minded roots.
Voorhees said, "There’s a general sense within the industry is that if all that happens from the crypto revolution is that you just have a new set of custodians, then nothing really changed." By providing different ways to hold your keys, ShafeShift is trying to change that.
The latest platform which focuses on international investors also plans for a new app that fetches real-time market data using the Coincap API, offering users accurate and updated pricing and historical data.
Eric Voorhees also said Coindesk that 20,000 users have taken part in the ShapeShift's closed beta. He added that more assets and features such as lending markets, derivatives, and fiat options will be released soon. Also, the firm plans to launch a mobile app. Especially, a Know-Your-Customer (KYC) would be needed to start 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 press release stated.
