Cryptocurrency trading platform ShapeShift announced the integration of DEX protocols, which will provide a more secure user experience for customers.
Thanks to this, clients will be able to carry out decentralized trading in Ethereum and ERC-20 tokens on the platform. In addition, plans were announced to add support for Bitcoin by the end of the first quarter of 2021.
Initially, before starting trading on its platform, ShapeShift required users to go through the KYC procedure. The business model change allows this process to be circumvented, as users can now trade directly using the new DEX protocols, without ShapeShift intermediation.
In addition, DEX integration and the virtual elimination of KYC will provide users with increased security, privacy, and transparency.
Centralized exchanges are black boxes and cannot be verified from the outside. You are forced to trust the exchange operators or any other party that can access the data. Our goal is to protect people and make the financial system transparent. It’s open source funding, ” ShapeShift CEO Eric Voorhees commented on the latest developments.
The restructuring of the ShapeShift model took place after the delisting of confidential coins Monero, Dash and Zcash. It is reported that this was done in order to “reduce the company’s risks from a regulatory point of view.”
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