Earlybird continues to believe in the rise of digital currencies: Berlin VC is entering the lead as a lead investor at ShapeShift. The Swiss company is developing an exchange platform for crypto-currencies. For example, bitcoin can be exchanged in Ethereum.
In total, ShapeShift in its series A receives 10.4 million US dollars. Earlybird is investing with Lakestar, the VC of star investor Klaus Hommels, and other sponsors such as Access Venture Partners, Pantera and Blockchain Capital.
From other platforms like Poloniex the Swiss startup wants to differentiate itself. For example, you would be connected to a exchange partner with many other vendors through the marketplace, with whom the business would be made. ShapeShift explains that it considers itself currency and become business partners. The founder, Erik Voorhees, compares the principle with a beverage vending machine.
Unlike many competitive platforms, the ShapShift users do not have to sign up with an account for the exchange – in the anonymous world of digital currencies, users can benefit. State currencies are not available on the platform.
“When we founded ShapeShift, the idea of a world of digital assets was still pure theory,” Voorhees cites. Now this world is becoming more and more realistic – not only because of many different digital currencies, but also by rights to land or digital objects for computer games. Voorhees also announced two fundamentally new exchange products for this year.
In the month, the exchange volume currently amounts to 50,000 bitcoins, Shapeshift said. This corresponds to the current exchange rate about 48 million euros, but the bitcoin value fluctuates steadily. With the money from the capital increase, the startup now wants to expand its team. In a first round of financing, the company that founded Voorhees in 2014 has already received 2.4 million US dollars.
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