ShapeShift, the Switzerland based digital currency only exchange has raised $1.6 million in a seed-funding round. Unlike other conventional digital currency exchanges, ShapeShift does not deal with fiat currency. However, people instantly swap any digital currency pairs on the platform.
ShapeShift is one of the innovative bitcoin companies out there, which has stuck to the whole essence of bitcoin and other digital currencies. Users of ShapeShift do not have to share their personal details while using the platform to exchange one cryptocurrency with other. It was founded last year by Eric Voorhees of Coinapult fame.
The seed-funding round was led by Barry Silbert’s Digital Currency Group along with Roger Ver in the lead. Other investors in ShapeShift include Bitfinex (the bitcoin exchange and trading platform), Max Kaiser and Simon Dixon’s Bitcoin Capital, Michel Terpin, Trevor Koverko, Mardal Investments and Bruce Fenton. Including the latest seed round, ShapeShift has so far raised $2.39 million in funding.
ShapeShift has received a great reception from the crypto-community across the world. The company has experienced an exponential growth since its inception in August last year. According to reports, ShapeShift has grown over 100 times since its inception in August 2014 and has processed over $2 million equivalent of transactions so far.
The company recently suspended its operations in the State of New York, as it did not want to adhere to BitLicense regulations. Erik Voorhees had announced that the company would not comply with BitLicense due to moral and ethical reasons. The company did not want to collect its users’ personal information and share it with the authorities as required by BitLicense regulations.
ShapeShift is also taking part in the Please Protect Consumers campaign along with other bitcoin companies opposing BitLicense. Other companies that are part of Please Protect Consumers campaign are GoCoin, BitQuick, HolyTransaction, Kraken, Bitfinex, Genesis Mining, Vaultoro, LocalBitcoins.com, Poloniex, BTC Guild, Eobot, Paxful, Rebit and BitMEX.