Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The noncustodial cryptocurrency exchange first announced plans to integrate decentralized exchanges in January. Now, mobile users can trade BTC with ETH and LTC, without an intermediary.
ShapeShift, a cryptocurrency exchange based in Switzerland, has announced full integration with THORChain, enabling direct trading of Bitcoin (BTC) with Ether (ETH) and Litecoin (LTC).
As of Tuesday, ShapeShiftâs mobile users have the ability to make cross-chain swaps without the use of an intermediary, custodian or counterparty of any kind. This capability will be extended to ShapeShiftâs web-based platform in the coming weeks.
Erik Voorhees, ShapeShiftâs founder and CEO, explained the importance of the THORChain integration:
âWe believe finance must be open and immutable. The THORChain team has built technology that brings these properties to the trading of bitcoin and other leading chains for the first time.â
The THORChain integration is a âcontinuation of our commitment to offer users an easy, self-custody platform for their decentralized trading needs,â Voorhees added.
A growing market for cross-chain transfers has put THORChain on the map in recent months. The price of RUNE, the protocolâs native cryptocurrency, has increased by nine times since the year began. At its current price point of $11.40, RUNE has a market capitalization of $2.6 billion, placing it 49th among active cryptocurrencies.
As Cointelegraph previously reported, ShapeShiftâs embrace of decentralized exchanges began in January with support for Uniswap, Balancer, Curve, Bankcor, Kuber, 0x and mStable. In the process, ShapeShift relieved users of burdensome Know Your Customer requirements while offering better liquidity and pricing.
In a January podcast with Bankless, Voorhees described the rise of Uniswap as one of the most important stories in cryptocurrency, offering a clear indication that ShapeShift would continue moving in that direction. During the same month, Voorhees indicated that "all non-DEX trading on ShapeShift will be retired" later this year.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.