Decentralized Marketplace OpenBazaar Integrates ShapeShift

Digital asset exchange ShapeShift has partnered with online bitcoin-enabled marketplace OpenBazaar via their integration of the ShapeShift Shifty Button. This integration allows OpenBazaar shoppers to purchase items from the decentralized, peer-to-peer site with Ethereum, Zcash, Ripple and dozens of other digital currencies beyond bitcoin.

OpenBazaar, which launched in April 2016, is an open source project with the goal to create a decentralized network for peer-to-peer online commerce using bitcoin. The platform allows buyers and sellers of goods to directly create shops and sell goods without fees, restrictions or accounts. Prior to the company’s Shifty Button integration, OpenBazaar was only available to those who had bitcoin to deposit. Sellers can now accept dozens of digital assets.

CEO and Project Lead of OpenBazaar, Brian Hoffman said: “Enabling users to pay for OpenBazaar purchases with bitcoin and dozens of other cryptocurrencies was always something we wanted to do and ShapeShift enabled us to do that quickly and easily. Our community has been very eager for this feature and we’re happy to be able to provide it through a great partner.”

The ShapeShift Shifty Button provides websites the option of accepting dozens of digital currencies by generating a snippet of code to implement. The Button’s code is free and open source and has been integrated by dozens of bitcoin-friendly merchants to broaden customer payment.

Erik Voorhees, ShapeShift CEO and Founder, commented: “We feel a distinct kinship with the OpenBazaar project, both companies foster permissionless exchange between anyone, anywhere on Earth,”

OpenBazaar received a number of awards earlier this year and also announced $3 million in new funding this month, led by BlueYard, a Berlin-based VC, with participation from Andreessen Horowitz and Union Square. The integration with ShapeShift follows the pattern of connections being rapidly formed between fintech companies as they innovate within the new payments and digital money industry.