ShapeShift will switch to the DeFi model to remove mandatory user registration

ShapeShift will switch to the DeFi model to remove mandatory user registration

Cryptocurrency platform ShapeShift has announced integration with several decentralized exchanges (DEX) to free users from cumbersome KYC processes. It has been reported On the company’s website.

“Users will now be able to trade directly through external protocols without relying on ShapeShift as an intermediary. This can make it easier to interact with the platform and improve the user experience, ”said platform representatives.

According to him, ShapeShift users will no longer have to provide personal data to trade cryptocurrency and follow the “No Your Customer” (KYC) policy. This approach will provide “greater privacy, security and transparency” to the platform client.

Ethereum and Standard Token ERC-20 Already available through ShapeShift interface for trading on DEX. For each transaction, users will be credited with Fox tokens.

The company has promised to add support for bitcoin in the first quarter of 2021. ShapeShift representatives insisted that it would be BTC, not its token Ethereum version.

Once popular ShapeShift platform Compulsory registration started Users at the end of 2018. Cryptocurrency community Harshly criticized This is the solution.

In early 2019, the company reduced Number of personnel by one third. Then the head of ShapeShift, Eric Varhees, admitted that the mandatory verification of customers led to a significant decrease in the user base.

In July 2019, stage Rebranding completed And a few months later Issued fox token.

Also remember last november shapeshift removed Monero and Dash support for anonymous cryptocurrencies. company Explained Your decision with regulatory risks.

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