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ShapeShift

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ShapeShift
Logo for ShapeShift company page.png
Type of site
Private
Headquarters
Switzerland
Area servedWorldwide
Created byErik Voorhees[1]
IndustryDigital Currency
Websiteshapeshift.io
Alexa rankDecrease 39,137 (May 2018)[2]
Launched2013; 6 years ago (2013)
Native client(s) oniOS and Android

ShapeShift is a company that offers global trading of a variety of digital assets via web and mobile platforms. It is headquartered in Switzerland, but run out of Denver.[1]

The company first began requiring personal identication information from its customers on October 1, 2018.[1]

History

The company was founded in 2013 in Switzerland by Erik Voorhees. In March 2015, it received a US$525,000 seed-stage investment by Roger Ver and Barry Silbert.

Additional funding totaling US$1.6 million were raised by September 2015, from investors in a second funding round including Digital Currency Group, Bitfinex, Bitcoin Capital and Mardal Investments.[3][4]

ShapeShift released initially on the iOS platform in June 2015, initially allowing users to swap 25 digital currencies and value tokens.[5] As of September 2015, there were over 40 different digital currencies available for trade, providing "940 trading pairs, ... greater than any single exchange on the market."

On 11 June 2015, ShapeShift "cut off service to New York in response to the state’s new regulatory policy for digital currency businesses, ... BitLicense," which was released in June with the final regulations approved in August.[6][7][8] The company stated that if they had complied with the New York BitLicense regulations, then significant personal and private data would also have been in the hands of the hacker.

Since March till April 2016 Shapeshift experienced a total of 3 attacks which resulted in 469 BTC, 1900 LTC and 5800 ETH stolen from their hot wallets. As a result, the Shapeshift team put Shapeshift.io offline through April 20 to rebuild Shapeshift's infrastructure with enhanced security protocols.

In August 2017 ShapeShift announced it would stop functioning in the state of Washington because of BitLicense-style regulations imposed by the passage of Senate Bill 5031.

A 2018 investigation by the Wall Street Journal found that ShapeShift had processed $9 million in funds from criminal activities over a two-year period.[1]

References

  1. ^ a b c d Shifflett, Shane; Scheck, Justin (September 28, 2018). "How Dirty Money Disappears Into the Black Hole of Cryptocurrency". Wall Street Journal. Retrieved September 29, 2018.
  2. ^ "Shapeshift.io Traffic, Demographics and Competitors". Alexa Internet. Retrieved May 8, 2018.
  3. ^ Biggs, John (September 8, 2015). "ShapeShift, A Cool Cryptocurrency Converter, Clinches $1.6 Million In Cash". TechCrunch. Retrieved November 20, 2017.
  4. ^ Wilhelm, Alex (September 17, 2015). "This Week On The TechCrunch Bitcoin Podcast: Million-Dollar Electric Bill". TechCrunch. Retrieved May 8, 2018.
  5. ^ Vinton, Kate (June 9, 2015). "ShapeShift Founder Erik Voorhees Launches First iOS Cryptocurrency Trading App". Forbes. Retrieved June 28, 2016.
  6. ^ Roberts, Daniel (June 11, 2015). "Bitcoin company ditches New York, blaming new regulations". Fortune. Retrieved June 28, 2016.
  7. ^ Roberts, Daniel (August 14, 2015). "Behind the "exodus" of bitcoin startups from New York". Fortune. Retrieved June 28, 2016.
  8. ^ Rosenfeld, Everett (June 11, 2015). "Company leaves New York, protesting 'BitLicense'". CNBC. Retrieved June 29, 2016.