Instant cryptocurrency trading exchange ShapeShift AG has released a new pricing algorithm. The update enables better rates across over 700 trading pairs on the exchange.
Major digital coins such as Bitcoin, Ripple, Litecoin, Dash, Dogecoin, BitShares, NXT, and Counterparty can be traded instantly at these better rates, according to the company. Three new cryptocurrencies: Infinitecoin, Monacoin, and Vertcoin, were also included in this release for the first time.
To take advantage of the superior rates, the user needs to specify how much of the receiving asset she wishes to receive. The new rate is then calculated automatically and shown to the user.
CEO of ShapeShift Erik Voorhees commented:
Our prior system wasn’t able to take into consideration the size of the user’s trade, so the price they received had a “safety buffer” that led to less competitive rates. Now, if the user opts to tell ShapeShift how much digital currency will be traded, a significantly better exchange rate will be provided.
ShapeShift has been building strategic partnerships throughout the Bitcoin and blockchain industry, including Coinomi, Purse.io, and a new merchant processing agreement reached recently with CoinPayments.net.