ShapeShift Crypto Exchange acquires Digital Wallet Provider Portis

ShapeShift has now acquired the non-custodial crypto wallet provider Portis. The financial terms of the transaction were not disclosed.

Portis was found in 2018 and offers a crypto asset wallet and Dapps for Decentralized finance.

Found in 2014, ShapeShift is a web and Application Programming Interface (API) platform. It offered  Altcoin and Bitcoin conversion with the maximum level of consumer protection and efficiency. Shapeshift is now a full-fledged cryptocurrency trading platform.

Post-acquisition, Shapeshift users can avail DeFi services under Shapeshift account. The users can instantly convert between dozens of digital assets with zero-commissions.

Executive Opinion

ShapeShift Founder and CEO, Erik Voorhees, said, "After integrating Portis' SDK into the ShapeShift Platform last year, we recognized the depth of their tech and how closely our values aligned. They really built something special, making self-custody extremely easy. As our relationship evolved, acquiring Portis became a natural next step."

Founder, and CEO of Portis, Tom Teman, said, "Working with Erik and his team, it was clear to us that ShapeShift understands the importance of a borderless financial system, and Portis has always aimed to empower Defi developers to offer their user base a simple yet powerful experience. Both of our companies believe that balancing self-custody, security, and usability is of the utmost importance for bringing blockchain to the masses. We're excited about the possibilities that lie ahead."

ShapeShift and Portis

Portis will now open a new office in Tel Aviv, which will be operated by the ShapeShift. Portis users will find enhanced capabilities in their wallets in a few months, notes the announcement.

After the completion of the deal, Portis four employees will now going to shift to the new office, noted the announcement.

The Portis wallet has already been integrated into the ShapeShift platform in the month of November 2019.

Last year, a new ShapeShift platform revealed to enable B2C users to self-custody their crypto assets, buy, sell, track, send and receive all without using any of the third-party tools.