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 digital currency,” he added.
The app will extend the ease of use which ShapeShift has sought to optimize in order to give customers an experience with less friction while trading in real time. It can be downloaded and freely used without the need for an account, username, password or even email address, with conversion being done almost instantly following deposit of funds and submission of a recipient address.
For consumers who regularly spend bitcoin at retail locations, the app provides a welcome liquidity boost, which allows for fewer hurdles to be cleared when making ‘off-the-cuff’ payments.
News of an Android counterpart has so far not been forthcoming, with the announcement timed to coincide with the announcement of iOS 9 earlier this week.
The move comes as Apple continues its rollout of Apple Pay to non-US markets in spite of “insufficient customer demand” seen thus far since the service’s launch. The giant has been “pushing hard” for merchant acceptance during this period, according to one business surveyed by Reuters, while US grocery retailer Whole Foods commented that Apple Pay accounted for 2% of its March sales.
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