Switzerland-based crypto exchange ShapeShift has recently made an announcement regarding its full amalgamation with THORChain. This integration will enable the direct trading of Bitcoin with Litecoin and Ethereum.
Crypto Exchange ShapeShift Integrating With THORChain to Launch Native BTC Trading
The noncustodial crypto exchange is the first one to make an announcement regarding its plans to incorporate decentralized exchanges in the month of January.
This recent integration enabled the mobile users to trade Bitcoin with ETH and LTC without the requirement of any mediator.
The mobile users of the crypto exchange now possess the ability to execute cross-chain swaps without any counterparty. In addition to this, it should also be noted that the capability will be stretched to the web-based platform in the coming weeks.
The Founder and CEO of ShapeShift, Erik Voorhees released a statement explaining the significance of the THORChain incorporation, which read:
“We believe finance must be open and immutable. The THORChain team has built technology that brings these properties to the trading of bitcoin and other leading chains for the first time.”
In addition to this, Eric said:
“The THORChain integration is a continuation of our commitment to offer users an easy, self-custody platform for their decentralized trading needs.”
Talking about what has placed THORChain on the map in recent months, it is a growing market for cross-chain transfers. Discussing further, the price of the native cryptocurrency of the protocol, RUNE has surged around nine times since the beginning of the year.
RUNE has a total market capitalization of $2.6 billion which places it in the 49th position in the list of cryptocurrencies.
KYC Formalities Not Required
In accordance with a report, the appreciation of decentralized exchanges began in the month of January with support for Balancer, Bankcor, Uniswap, Curve, mStable, 0x, and Kuber.
In this process, the crypto exchange relieved customers of the burden of KYC requirements while providing them with enhanced lucidity and pricing.
In a podcast released in January, Eric Voorhees described the rise of Uniswap as one of the most essential stories in cryptocurrency, providing a comprehensive indication that ShapeShift would continue moving in that direction.
During the same period, the Founder indicated that “all non-DEX trading on ShapeShift will be retired” this year.