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In January, the non-custodial cryptocurrency exchange revealed plans to merge decentralised exchanges. Mobile users can now exchange BTC for ETH and LTC without the need of an intermediary.
ShapeShift, a Swiss cryptocurrency exchange, has declared complete integration with THORChain, allowing direct trading in native Bitcoin (BTC) with Ethereum (ETH) and Litecoin (LTC) (LTC).
ShapeShift smartphone users can now perform cross-chain swaps without the use of an intermediary, custodian, or counterparty of any sort as of Tuesday. In the coming weeks, ShapeShift’s web-based portal will gain this functionality.
Erik Voorhees, ShapeShift’s founder and CEO, explained the importance of the THORChain integration:
“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.”
The integration of THORChain is a “continuation of our commitment to offer users an easy, self-custody platform for their decentralised trading needs,” according to Voorhees.
In recent months, a the demand for cross-chain transactions has put THORChain on the map. Since the start of the year, RUNE, the protocol’s native cryptocurrency, has done a 9x. THORChain has a market capitalisation of $2.6 billion at its current price of $11.40, ranking it 49th among operating cryptocurrencies.
ShapeShift’s adoption of decentralised markets, or DEXs, started in January 2021, with the assistance of Uniswap, Balancer, Curve, Bankcor, Kuber, 0x, and mStable. In the meantime, ShapeShift freed consumers from onerous Know Your Customer, or KYC, criteria while still improving liquidity and pricing.
Voorhees mentioned the emergence of Uniswap as one of the most interesting stories in cryptocurrency in a January 2021 podcast with Bankless, providing a strong hint that ShapeShift will proceed in that direction. Earlier this year, Voorhees said that “all non-DEX trading on ShapeShift will be retired” later this year.