ShapeShift.io, a Zug, Switzerland-based provider of a non-custodial, instant exchange service for Bitcoin and digital assets, completed $1.6m funding round.
The round, which includes convertible note contributions, was led by Barry Silbert’s Digital Currency Group and Roger Ver, with participation from Bitfinex, Bitcoin Capital (Max Keiser and Simon Dixon), Mardal Investments, and angels Bruce Fenton, Trevor Koverko and Michael Terpin.
Founded in August 2014 by CEO and Bitcoin industry pioneer Erik Voorhees, ShapeShift.io is an exchange service for Bitcoin and digital assets, which does not require the deposit of user funds. Unlike every other exchange, ShapeShift is “non-custodial,” meaning it doesn’t hold customer money, a feature that is impossible in traditional finance.
At the moment, over 40 digital currencies and assets are available, including Bitcoin, Counterparty, Ripple, Monero, and the highly anticipated Ethereum, and over 940 direct trading pairs are supported.
The company operates in cryptocurrency itself, paying all salaries, server costs, marketing, and legal expenses with Bitcoin.