ShapeShift, a cryptocurrency change primarily based in Switzerland, has introduced full integration with THORChain, enabling direct buying and selling of native Bitcoin (BTC) with Ethereum (ETH) and Litecoin (LTC).
As of Tuesday, ShapeShift’s cellular customers have the flexibility to make cross-chain swaps with out using an middleman, custodian or counterparty of any variety. This functionality can be prolonged to ShapeShift’s web-based platform within the coming weeks.
Erik Voorhees, ShapeShift’s founder and CEO, defined the significance of the THORChain integration:
“We imagine finance should be open and immutable. The THORChain crew has constructed expertise that brings these properties to the buying and selling of bitcoin and different main chains for the primary time.”
THORChain integration is a “continuation of our dedication to supply customers a simple, self-custody platform for his or her decentralized buying and selling wants,” Voorhees added.
A rising marketplace for cross-chain transfers has put THORChain on the map in latest months. RUNE, the protocol’s native cryptocurrency, has executed a 9x for the reason that 12 months started. At a present worth level of $11.40, THORChain has a market capitalization of $2.6 billion, putting it 49th amongst energetic cryptocurrencies.
As Cointelegraph beforehand reported, ShapeShift’s embrace of decentralized exchanges, or DEXs, started in January 2021 with the help of Uniswap, Balancer, Curve, Bankcor, Kuber, 0x and mStable. Within the course of, ShapeShift relieved customers of burdensome Know Your Buyer, or KYC, necessities whereas providing higher liquidity and pricing.
In a January 2021 podcast with Bankless, Voorhees described the rise of Uniswap as probably the most necessary tales in cryptocurrency, providing a transparent indication that ShapeShift would proceed transferring in that path. Throughout the identical month, Voorhees indicated that “all non-DEX buying and selling on ShapeShift can be retired” later this 12 months.