The cryptocurrency platform ShapeShift announced integration with a number of decentralised exchanges (DEXs) to free users from burdensome KYC procedures. The announcement was made on the company’s website.
“Users will be able to trade directly through external protocols, without relying on ShapeShift as an intermediary. This should simplify interaction with the platform and improve user experience,” said representatives of the platform.
According to them, ShapeShift users will no longer have to provide personal data or follow the Know Your Customer (KYC) policy to trade crypto assets. The approach will give clients greater privacy, security and transparency.
Ethereum and ERC-20 tokens are already available for trading on the DEX via ShapeShift’s interface. For each trade, users will earn FOX tokens.
The company pledged to add Bitcoin support in the first quarter of 2021. ShapeShift representatives stressed that this would be BTC, not its tokenised Ethereum version.
The once-popular ShapeShift platform introduced mandatory user registration at the end of 2018. The cryptocurrency community harshly criticised this decision.
In early 2019, the company laid off a third of its staff. ShapeShift chief executive Erik Voorhees then admitted that mandatory customer verification had led to a substantial shrinkage of the user base.
In July 2019 the platform completed a rebranding and, a few months later, launched the FOX token.
In November last year ShapeShift removed support for anonymous cryptocurrencies Monero and Dash. The company explained that its decision was due to regulatory risks.
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