ShapeShift launches "self-sovereign" mobile trading app

decrypt.co 2020-07-24 00:20
Reading time: ~2 m

Self-custody crypto platform ShapeShift announced today that it has launched a mobile crypto trading app for iOS and Android. 

The "self-sovereign finance" company launched the app Wednesday, which allows users to buy and sell Bitcoin as well as other digital assets from their smartphone, while retaining control of the keys to their assets. ShapeShift advertises that its users in 120 countries, including the US, can buy a plethora of crypto-assets in addition to holding ERC-20 tokens. 

Our new app gives you the power to trade with competitive rates & buy Bitcoin in 120+ countries, all while enjoying self-custody of your crypto.

🦊 Check out a feature overview in our blog: https://t.co/z1MbD84dKb

📱 Explore the app for yourself: https://t.co/cdegYrUSAt pic.twitter.com/He5DEo9ac9

— ShapeShift 🦊 (@ShapeShift_io) July 21, 2020

"The ShapeShift crypto platform launched a year ago, bringing proper self-custody digital asset management to the masses," said ShapeShift founder and CEO Erik Voorhees in a statement, "But, it was only available on the web. The mobile app is here, and with one email and password users can enjoy self-sovereign finance on both web and mobile." Voorhees added that Bitcoin offers "refuge and empowerment" as traditional financial systems become increasingly tenuous.

In February, the company announced that it had hired former Apple engineer and PayPal executive Lisa Loud as COO, as it ramped up its expansion plans. 

The growing mobile crypto trading sector 

ShapeShift’s mobile launch comes days after Revolut, a London-based challenger bank, added the ability to purchase Bitcoin and Ethereum through its mobile banking app. Revolut said it will be adding additional cryptocurrencies in the future for US-based customers. In Europe, Revolut customers can buy, hold and sell Litecoin, Bitcoin Cash and XRP.

In a sign that the mobile trading space may be getting crowded, trading platform Robinhood decided to axe the UK launch of its stock and crypto trading app. As Decrypt previously reported, Robinhood secured broker authorization from the UK Financial Conduct Authority (FCA) in 2019 before letting users sign up for a waitlist in November.

Robinhood axes UK launch of crypto-friendly trading app

"A lot has changed in the world over the past few months, and we’ve made the difficult decision to postpone our UK launch indefinitely," a Robinhood spokesperson told CNBC. "As a company, we are refocusing our efforts on strengthening our core business in the US."

This story was produced in collaboration with our friends at Forkast, a content platform focused on emerging technology at the intersection of business, economy, and politics, from Asia to the world.


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