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Bitcoin deal-Swiss digital asset exchange buys U.S. wallet maker

Swiss digital currency exchange

Last day, on Wednesday, Swiss digital asset exchange ShapeShift AG said that it has acquired Seatlle-based KeepKey Holder LLC. It is a maker of devices known as digital wallet in every bitcoin deal.

Financial terms were confidential. KeepKey’s wallet sells for about $100 which stores digital currencies.

With a growing popularity of Bitcoin and other cryptocurrencies, companies like KeepKey has appears to serve a growing need to protest these assets from online theft.

KeepKey’s wallet

Erik Voorhees, ShapeShift’s chief executive officer, says in an interview that attainment allows the company to provide its users a “cohesive experience” in which they can exchange digital assets and accumulation them at same time.

KeepKey unified ShapeShift’s claims more than a year ago.

According to Vorshees, the capability to facilitate trading for another cryptocurrency is the factor to expand adoption. He says, “Amid heightened interest in the concept of digital currencies, a simple, user-friendly cold storage wallet”.

To keep the digital assets completely offline as to minimize the incidence of hacking are mean as “Cold storage”. Ether, Litecoin and Bitcoin are digital assets and when they are store in online devices there is more risk of theft.

Therefore, using KeepKey together with ShapeShift exchange there is a greatly diminished of cyber-attack, says Voorshees.

He adds, it is not necessary for users to leave their funds at an exchange with ShapeShift. “KeepKey doesn’t allow users to leave their funds on any computer. Further, we look forward to see that keys are holding on hardware and secure exchange occurs directly from the hardware”.

Instantly, the user can hold their coins on the hardware device and exchange them on demand within the wallet, without tracing a website, says Voorshees.

He mentioned, there is 1500% increase in the volume of ShapeShift over the last year. Last month, around $280 million was the estimate volume of the company. He stated, “This is in line with the sharp growth in the digital currency space”.

On Tuesday, Bitcoin hits a record $4400 BTC=BTSP on the Bitstamp platform. Its last traded was at $4314.

On Wednesday, the total market capitalization of the digital currency space was $141 billion.

ShapeShift, located in Zug, Switzerland. It was declare in 2014. In an Series A funding held by Berlin based Earlybird Venture Capital, ShapeShift was raised $10.6 million, said Voorhees.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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