Instant cryptocurrency exchange specialist Shapeshift has quietly launched a new service. Bitfract, which is still in beta, allows users to swap from one cryptocurrency for multiple cryptos in an instant. For example, you can swap from bitcoin to a brace of different altcoins without needing to make multiple transactions. The tool is free to use, save for Shapeshift’s standard commission, and supports a wide range of cryptocurrencies.
One Exchange, Many Cryptocurrencies
Cryptocurrency exchange Shapeshift has become extremely popular on account of its convenience and versatility. Because it’s now integrated into wallets such as Edge, users are able to swap between cryptos without needing to send them to a centralized exchange. Bitfract by Shapeshift builds upon that technology, making it possible to switch into multiple cryptocurrencies simultaneously. Although still in beta, users are free to sign up and put the tool to the test.
The likeliest use case for Bitfract is for anyone with a shopping list of cryptocurrencies, having just bought bitcoin, litecoin, or ethereum from a broker such as Coinbase. Those are the three starting cryptos supported by Bitfract. Describing itself a “multishuffler” and a “rebalancer”, Bitfract makes it possible for investors to tweak their portfolio without the need for multiple steps complete with their commensurate fees. The service, once fully launched, will also include Bitfract Labs, designed to help investors view an asset’s performance going back years, and to create custom portfolios before exchanging bitcoin for them in just a few clicks.
While Bitfract’s use cases are likely to be marginal for now, the tool demonstrates the incremental evolution of the bitcoin ecosystem. With each new application, built upon the last, bitcoin and its supporting cryptocurrencies become more usable and accessible. In addition, tools such as Bitfract help further alleviate dependence on centralized exchanges with their inherent custodial risks.
Would you use Bitfract? Let us know in the comments section below.
Images courtesy of Shutterstock, and Bitfract.