Shapeshift CEO Erik Voorhees believes crypto will soar when “fiat is doomed”

The Shapeshift CEO is very outspoken about his thoughts on the cryptocurrency and digital asset markets. Erik Voorhees, who operates the instant digital assets exchange, believes crypto will rally when fiat eventually becomes redundant. 

In a recent tweet, Voorhees talks about organizations having a hard time paying back over $20 trillion in debt, which would eventually lead to the next global financial crisis. Voorhees believes fiat will be doomed when governments have to start printing money and during this time, he expects something special to happen to cryptos.

Voorhees argues that while crypto may also see a decline if a financial crisis was to occur as people would try and cash out, this would just be during the early phase and that the world would move away from fiat money and move into cryptos, as cryptos have no affiliation to governments and cannot be printed with no fixed supply.

Voorhees admits he would prefer not to see any of the above happen in real life, and advocates against “flag money, because its inevitable collapse necessarily leads to it”

Either way, it looks like if there is ever another major financial crisis, crypto will be there to lend a hand. How that play out is yet to be seen.


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Author: RYAN BOLTMAN
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Trezor Users Can Now Exchange Cryptocurrencies Directly In-Wallet

This week the hardware wallet Trezor added the ability to buy and trade cryptocurrencies within its beta wallet’s interface. Now users can swap between eleven different digital assets without the possibility of compromising funds by leaving them on an exchange.

Trezor Hardware Wallet’s Beta Version Allows Users to Buy & Trade Digital Currencies

Users can now swap cryptocurrencies from within their Trezor hardware wallets by using the firm’s beta wallet. The beta wallet is almost identical to the traditional user interface but it contains different features not yet added to the main Trezor client. On September 19, Trezor explained on Twitter, “Our beta servers now allow you to exchange cryptocurrencies directly in the Trezor Wallet interface.” The wallet’s new exchange section allows users to purchase cryptocurrencies from exchanges, and swap their existing digital assets on the same trading platforms.

Exchanges available on the Trezor beta wallet.

When entering the beta page, it’s basically the same as the main client and you will have to plug in your Trezor and login to use the new features. Once inside the wallet, on the top right side of the screen there’s a new ‘exchanges’ tab.

A disclaimer must be accepted to use the exchange services.

If it’s a person’s first time using the exchange feature, they have to agree to a disclaimer that states basically all the trades made is between the assets’ owner and the third party trading platform. The digital asset exchanges available on the Trezor platform include Changenow, Coinmama, Changelly, Paybis, and Coinswitch. The wallet’s users can swap BCH, ZEC, XRP, LTC, BTG, XMR, DASH, DOGE, BTC, ETH, ETC, and XMR.

Trezor Exchange Feature is Optional and the Trading Platforms Might Run KYC

A representative from Trezor explains the company won’t be running any Know Your Customer (KYC) requirements for the new feature. “Just to clarify, we won’t run KYC — The exchanges might. (We do not offer exchange services, they all go through third parties.),” the team’s marketing manager details on Twitter.

It’s an optional service. If KYC will be enforced by those services, user will know it and can refuse to continue — Decentralized exchanges are, of course, being evaluated.

The Trezor hardware wallet will be joining Keepkey as the Shapeshift owned manufacturer’s hardware wallet also enables cryptocurrency swaps in-wallet as well. Keepkey owners have the ability to use Shapeshift by selecting a currency in their wallet they would like to trade with the other digital assets offered in the drop-down menu. With Shapeshift changing its business model to a membership service, it is uncertain how it will affect its compatibility with Keepkey. Ledger Wallet does not provide any exchange or trading services in any of its hardware models. However, there is a section in the Ledger Live platform that shows a Buy/Trade tab but the browser redirects the user to the exchange after it is chosen.

Images via Shutterstock, Pixabay, and the Trezor wallet inte


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Author:  Jamie Redman 
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ShapeShift Acquires Tool that Insta-Swaps Bitcoin into Dozens of other Cryptos

Swiss-based trading platform ShapeShift AG has announced the acquisition of Bitfract, a software firm that allows users to swap bitcoin into dozens of digital assets in one transaction.

LIONBIT

According to the company’s post, the Bitfract tool is poised as a game changer that simplifies the buying process by allowing investors rebalance their cryptocurrency portfolios in quick and easy steps.

Erik Voorhees, founder and CEO of ShapeShift said he was impressed by the Bitfract team and their execution in creating a tool ShapeShift was planning on building itself.

“The Bitfract team made expert use of ShapeShift’s open API to build a product that we ourselves were planning to build,” Voorhees remarked. “This demonstrated a great alignment of strategy and thinking, and their execution was so exceptional that we wanted to bring their talented team and technology on board.”

With the Bitfract tool, users will be able to gain exposure to a diversified portfolio of digital assets without making multiple transactions — saving time and fees.

TIP

Willy Ogorzaly, co-founder and CEO of Bitfract said, “We believe in a decentralized future where individuals freely control their digital wealth, and our team is honored to work alongside Erik and everyone at ShapeShift to make this a reality.”

The tool uses a simple process. It helps converts bitcoin into any cryptocurrency or cryptocurrencies by sending in the BTC to the company’s address, which then links to ShapeShift open API to convert it into multiple cryptocurrencies in one transaction.

With the acquisition, ShapeShift will be able to extend its reach and use the tool as a base layer for expanding its products and offerings. The company believes that the Bitfract platform has a lot of positives, especially the “multiple output transactions,” which would be incorporated into ShapeShift’s platform soon.

ShapeShift AG has a fondness for acquiring digital assets startups that are solving problems in the industry, especially those using their open API. Last year, the company acquired hardware wallet creator KeepKey, a tool that allows users to exchange digital assets without exposing their private keys online.


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Author: Jimmy Aki
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