Earlier this week, ShapeShift.io announced its latest move; the exchange integrated Tether into its platform. This addition enables access to fiat currency for the platform users.
Tether is the first blockchain-enabled platform that allows fiat currency to be used like digital cash. Tether digital cash is a token working on top of the blockchain and backed by fiat currency. By combining Bitcoin’s instant transactions with a fiat-pegged token, Tether hopes that its currency will have the convenience of Bitcoin minus the price volatility.
Erik Voorhees, Co-Founder and CEO of ShapeShift, says,
“As amazing as Bitcoin is, for normal people the volatility can be a non-starter. Tether is a beautifully-executed solution to this problem, creating a cryptocurrency that moves anywhere instantly while being pegged/backed 1:1 with USD. This means a prudent user could hold funds in Tether (which are stable with the dollar) and then use ShapeShift to convert into Bitcoin to pay for things online. The user then enjoys the best of both worlds.”
Besides the integration of Tether USD₮, ShapeShift is “excited to begin Tether integration with . . . all the new currency tether tokens in the future,” such as EUR₮ and JPY₮. Users will also be able to exchange Tether with all of the ShapeShift-supported cryptocurrencies.
Shapeshift.io Provides Immediate Conversion
As the digital currency ecosystem continues to grow, integration between platforms is accelerating. ShapeShift.io has risen quickly as one of the most popular ways to buy or sell cryptocurrencies.
Co-Founder and CTO of Tether Craig Sellars, Co-Founder and CTO of Tether, says,
“ShapeShift is one of the easiest to use digital asset exchanges in the entire Blockchain ecosystem, built by true pioneers in this space, now with Tether’s digital cash, ShapeShift users have the benefits of both Fiat and digital currencies, instantly.”
ShapeShift’s innovation is to operate more like a vending machine, in which a customer instantly deposits one coin and receives another one, with no significant period of trust or custodianship required. By offering conversion services without the need for user accounts or deposits, ShapeShift’s model is the first of its kind.
Will you use ShapeShift to buy and sell Tether? Let us know in the comments below!
Source: Press release
Image courtesy of ShapeShift.io.