ShapeShift.io completed a funding round of US$1.6 million led by Barry Silbert’s Digital Currency Group and Roger Ver.
The other participating investors include major exchange Bitfinex, Bitcoin Capital – Max Keiser and Simon Dixon, Mardal Investments, and top industry angels, including Bruce Fenton, Trevor Koverko and Michael Terpin.
Since its launch in August 2014, the digital currency exchange led by CEO and Bitcoin industry pioneer Erik Voorhees has registered 100x growth, achieving over $2m USD-equivalent volume in July alone.
Zane Tackett, Director of Community and Product Development at Bitfinex, noted:
ShapeShift demonstrated an entirely new way to think about asset exchange. It’s like Google Translate for digital currencies. We’ve known Erik for a while now and he’s knocked it out of the park with this one. We’re very excited about the partnership.
ShapeShift has positioned itself as the instant exchange for digital assets. The company also introduced the “consumer protection by design” concept, developing the first exchange that didn’t require the deposit of user funds. ShapeShift is also “non-custodial,” meaning it doesn’t hold customer money.
Abiding by a strict “No Fiat” policy, the company operates on cryptocurrency, paying all salaries, server costs, marketing, and legal expenses with Bitcoin.
Currently, more than 40 digital currencies and assets are available, including Bitcoin, Counterparty, Ripple, Monero, and the highly anticipated Ethereum. Over 940 direct trading pairs are supported, which is currently more than any other exchange.
The round includes convertible note contributions announced earlier this year.