Reading Time: 2 minutes
ShapeShift, a leading self-custody cryptocurrency exchange platform, recently released its mobile app, which allows users to buy, trade, and exchange cryptocurrency such as Bitcoin without requiring third-party to take custody of their public and private keys.
Why is this important? Most cryptocurrency exchanges are custodial, meaning they hold their users’ private keys, and therefore, their funds. For example, if the wallets of exchange such as Binance or Coinbase are hacked, in theory, the malicious hacker could access the users’ private keys and steal their funds.
ShapeShift is one of the few platforms that is non-custodial, meaning it allows users to exchange digital assets without having to put their private keys outside of their own control.
The new ShapeShift mobile app is designed to onboard new users into the cryptocurrency world without having to use a custodial solution.
“The ShapeShift crypto platform launched a year ago, bringing proper self-custody digital asset management to the masses,” comments ShapeShift CEO and Founder Erik Voorhees. “But, it was only available on the web. The mobile app is here, and with one email and password, users can enjoy self-sovereign finance on both web and mobile. As traditional financial systems become increasingly tenuous, Bitcoin offers refuge and empowerment. We’re here to make it easy.”
ShapeShift has been a key player in the cryptocurrency ecosystem since July 2014 and has championed the “be your own bank” ethos that attracts many cryptocurrency users into the ecosystem.
With the launch of its mobile app, ShapeShift continues to place itself at the forefront of beginner-oriented cryptocurrency usage.
Users can now buy Bitcoin with a credit (or debit) card, trade a variety of other popular digital assets, and transact with other users anywhere in the world, all while retaining full custody of their keys.
In April 2020, ShapeShift acquired Israeli crypto-startup Portis, a leading wallet solution for Ethereum-based “web3” applications. The team plans to use Portis to allow ShapeShift users to access leading DeFi services, all in one place.
For a limited time, you can get $3 in BTC after you download the ShapeShift app and verify your account. You can download ShapeShift’s mobile app on iOS and Android.
ShapeShift’s app is available immediately on iOS and Android, and is the easiest way to get started with digital currency.
You can learn more about ShapeShift here.