ShapeShift to Add Multi-Crypto Swapping Tool to Its Exchange Platform

09.08.2018 bitcoinbabeau 0

ShapeShift to Add Multi-Crypto Swapping Tool to Its Exchange Platform

On August 8, 2018, ShapeShiftAG, the parent company of ShapeShift.io, one of the world’s largest decentralized cryptocurrency exchanges, announced its acquisition of Bitfract, a blockchain software startup based in Austin, Texas.

Bitfract’s crypto trading tool allows users to swap bitcoin for a basket of cryptocurrencies within a single transaction.

Speaking to Bitcoin Magazine, ShapeShift founder and CEO Erik Voorhees revealed that this sort of multi-crypto trading solution has been a long-term target of ShapeShift’s internal engineering team. One thing that stood out about Bitfract for Voorhees was the “creativity and drive of the team.”

“They used our API brilliantly, and taking steps toward acquiring the company seemed like the natural course for us to take,” Voorhees added.

For his part, Bitfract CEO and co-founder Willy Ogorzaly stated:

“ShapeShift has always aligned most closely with our mission and values. When Erik asked if we wanted to join ShapeShift, the answer was immediately yes.”

Ogorzaly said they welcomed the idea of being acquired as his team had become “incredibly familiar with ShapeShift’s API” and how to leverage it as a “tool for innovation.”

Using Bitfract’s tool, users will able to diversify their crypto asset portfolios without exposing themselves to the risk factors of multiple transactions including security risks, time losses and extra transaction fees. The tool also makes it extremely easy to adopt investment positions in a wide variety of crypto assets.

It allows users the ability to choose the specific assets they want and the relevant percentage for each asset. Users send bitcoin to the destination wallet address, and their requested crypto assets are then delivered to them in a simple, seamless process.

This article originally appeared on Bitcoin Magazine.

Bitcoiners Losing Faith in Twitter Inspire an Exodus to Mastodon

09.08.2018 bitcoinbabeau 0

Bitcoiners Losing Faith in Twitter Inspire an Exodus to Mastodon

It’s no secret that a growing number of Bitcoiners are unhappy with Twitter. A mix of perceived censorship through shadow banning and lack of serious action being taken by the platform to remove the notorious ether giveaway bots have aggravated calls for a decentralized alternative to the existing social media goliath.

Although members of the community had been vocal about this for awhile, it seems that recent moves like the unexplained temporary suspension of BHB Network’s Giacomo Zucco yesterday or the simultaneous purging of Infowars’ Alex Jones’ content by Spotify, YouTube, Facebook and Apple have finally catalyzed the transition.

Enter Mastodon, the distributed social media platform. Mastodon is both very similar to and very different from Twitter. At a glance, one might be forgiven for mistaking it for TweetDeck. Many of its features have been cloned, including the ability to tweet (or “toot”), retweet (“boost”) and like (“favorite”). Some enhancements have been added in, including more granular privacy controls and up to 500 characters available for microblogging.

Where the platform really shines is in its lack of centralized oversight. Instead of users congregating around a single website, Mastodon is divided into “instances” — smaller communities that set their own rules around content and users (not unlike subreddits). Individuals registered with one Mastodon instance can communicate with users of another and have the ability to switch between a “local timeline” (seeing toots from users in their instance) and a “federated feed” (curating content from other instances).

Bitcoin Mastodon

The exodus from Twitter to Mastodon began with a number of users moving to the most popular instance, mastodon.social (boasting upward of 170,000 users). However, Opendime’s Rodolfo Novak has since gone on to create bitcoinhackers.org, an instance which, according to its “About” page, is dedicated to Bitcoin maximalists with “no scams, no shitcoin, no impersonation, no begging and no illegal content.”

Thus far, it has generated a considerable amount of interest, nearing 800 users at the time of writing and repeatedly ranking in the top 10 most active instances per hour. It remains to be seen whether these numbers will continue to climb. The general sentiment appears to be that Mastodon will be used either in tandem with Twitter (an app for cross-posting across both platforms is currently being propagated) or as a backup network for users that have been banned from it.

This article originally appeared on Bitcoin Magazine.

The SEC Is Delaying Another Bitcoin ETF Decision

08.08.2018 bitcoinbabeau 0

The SEC Is Delaying Another Bitcoin ETF Decision

The United States Securities and Exchange Commission (SEC) is in no hurry to review the pile of Bitcoin ETF filings it has been accumulating over the past year.

Not three weeks since postponing its decision on five other Bitcoin ETFs, the SEC has indicated in a public statement that it will be delaying its decision to approve or reject SolidX Bitcoin Shares until late September.

“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR-CboeBZX-2018-040),” the statement reads.

Submitted back in June, the proposed rule change to permit the ETF comes from the Chicago Board Options Exchange (Cboe), which was cleared to list Bitcoin futures in December of last year. If approved, the ETF would be listed on Cboe’s BZX exchange in cooperation with legacy investment management company VanEck and crypto startup SolidX. This is VanEck’s second attempt to list a Bitcoin ETF after their first attempt was nixed by the SEC last year.

This is also the BZX exchange’s second attempt to secure a Bitcoin ETF listing. On July 26, 2018, a day after the SEC prolonged its deliberation for Direxion Asset Management’s five filings, the SEC rejected BZX’s joint filing with the Winklevoss twins. The ETF was rejected on the grounds that BZX has “not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that its rules be designed to prevent fraudulent and manipulative acts and practices.”

With each successive rejection or prolonged decision, the industry continues to fight an uphill battle against regulators to secure its first exchange traded fund. Many believe such a listing would open the floodgates for institutional money.

SEC Commissioner Hester Peirce believes that it could also invite more mature regulation, both from the private and public sectors. On the latest rejection by the SEC, she expressed to Bitcoin Magazine that the decision is “not a great precedent,” believing that the SEC’s decision misconstrues the commission’s purpose to protect investors as a method to decide what is and isn’t a legitimate investment.

This article originally appeared on Bitcoin Magazine.

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