Shapeshift.io Adds Ripple to Exchange With Bitcoin & 12 Other Currencies
Swiss multiple cryptocurrency exchange Shapeshift.io has integrated Ripple, one of the more stable cryptocurrencies, into its exchange platform.
Users can now exchange Ripple with Bitcoin or other digital currencies that included Litecoin, Peercoin, Darkcoin, Dogecoin, Namecoin, Nxt, Feathercoin, Blackcoin, BitcoinDark, Quark, Reddcoin, and Nubits.
Shapeshift has no signup process and does not require an account.
Founded in the Summer of 2014, the altcoin exchange added Ripple (XRP) in response to customer demand.
Ripple is an application currency or appcoin that serves as an Internet protocol interconnecting desperate financial networks to securely transfer funds in any currency in real time. Its native digital currency, XRP, facilitates cross-currency trades.
ShapeShift CEO Beorn Gonthier:
Cryptocurrency will succeed to the extent that it becomes easy, fast, and secure for users. Adding Ripple to ShapeShift makes it even easier and faster for individuals to acquire the altcurrency.
ShapeShift’s model is to position itself as an alternative to exchange that require user accounts or deposits that could be vulnerable to hacking. After the cryptocurrency exchange MintPal collapsed in October, losing user funds, digital currency traders are wary of the risk of leaving money on deposit with any third party.
ShapeShift’s innovation is to operate more like a vending machine, in which a customer instantly deposits one coin and receives another one, with no significant period of trust or custodianship required.
Shapeshift also allows other websites to utilize the ShapeShift API to instantly accept payment in XRP, so that they can be converted to Bitcoin or other prefered digital asset.
The Swiss company has a strict “No Fiat” policy, meaning it does not use banks or political currencies anywhere in its operations.
Ripple’s current market cap is $514,765,773, with almost 31 billion XRP available out of a total supply of almost 100 billion coins.