ShapeShift CEO Erik Voorhees has spoken out against exchange security protocols at the launch of its multi-currency iOS app, calling them “archaic and insecure.”
Quoted in a press release about the app, which ShapeShift says is the first to allow trading of all “major” digital currencies including Monero and Counterparty, Voorhees today stated that security and data protection had already departed from current norms.
“Most exchanges hold customer funds and extract personal information, which is an archaic and insecure model,” he said. “Mt. Gox was a teachable moment for everyone in the Bitcoin community and ShapeShift has innovated these problems out of the picture.”
Since the service does not involve or handle any fiat currency, ShapeShift currently employs a method of compliant trading, which does not involve personal information being stored on its servers. For its iOS app, sensitive data is likewise not stored anywhere on the user’s device, which Voorhees says avoids the risk of compromise resulting from loss, theft or damage.
“Having a presence on mobile is a crucial step in our roadmap for delivering the most frictionless experience possible while working at the speed of