TEL AVIV, Israel, April 14, 2020 /PRNewswire/ -- ShapeShift, one of the world's leading self-custody crypto platforms, announced today the acquisition of Portis, an Israeli startup and noncustodial software wallet solution. The acquisition merges two companies with a shared vision: the creation of an open financial system in which self-sovereignty is easy and accessible.
Portis has grown to become the leading wallet solution for decentralized finance ("DeFi"). With this acquisition, all ShapeShift Platform users will soon be able to log into and access these DeFi services seamlessly, under one account. The DeFi users will, similarly, now be able to instantly convert between dozens of digital assets with zero-commissions. The entire relationship maintains fidelity to the self-custody model pioneered and maintained by ShapeShift since 2014.
The acquisition means that tens of thousands of Portis users will see the capabilities of their wallets enhanced in the coming months, creating seamless experiences in crypto to crypto trading, as well as enabling the instant purchase of Bitcoin, Ethereum, and USDC from a debit card.
"After integrating Portis' SDK into the ShapeShift Platform last year, we recognized the depth of their tech and how closely our values aligned," said ShapeShift Founder and CEO, Erik Voorhees. "They really built something special, making self-custody extremely easy. As our relationship evolved, acquiring Portis became a natural next step."
"Working with Erik and his team, it was clear to us that ShapeShift understands the importance of a borderless financial system, and Portis has always aimed to empower DeFi developers to offer their user base a simple yet powerful experience," said Tom Teman, Founder and CEO of Portis. "Both of our companies believe that balancing self-custody, security, and usability is of the utmost importance for bringing blockchain to the masses. We're excited about the possibilities that lie ahead."
In November 2019, ShapeShift integrated Portis into its new crypto platform at ShapeShift.com. It was the first time users could connect a non-hardware wallet and gain access to ShapeShift's zero-commission trading platform. Portis' Co-Founder and Chief Business Officer, Scott Gralnick, takes on the role of Director of Global Partnerships at ShapeShift.
Founded in 2014, ShapeShift is an internationally renowned cryptocurrency trading platform. It is guided by four business principles, all of which focus on serving users: security and self-custody, free trading and high liquidity, 24/7 customer service, and an effortless user experience. The ShapeShift Platform allows users to buy crypto with fiat, trade, track, and secure their crypto through a simple web interface. Learn more about ShapeShift at www.shapeshift.com
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