In Apple’s World Wide Developers Conference (WWDC), ShapeShift.IO CEO Erik Voorhes announced that the bitcoin app will now be available for download on the Apple’s app store. The app is available as an online exchange and API, allowing users to trade bitcoin with other assets from their iPhone.
Unlike other existing apps for bitcoin payments like CoinBase or BitPay, ShapeShift.IO does not require details like an account username, password, or email address. Instead, the bitcoin app simply lets users select the desired digital asset or coin, specify the payout address, and convert the asset to any of about 36 different digital currencies, including bitcoin, litecoin, dogecoin, and Ripple.
Bitcoin App Potential
“It’s really like a vending machine,” said Voorhees. You don’t sign up at a vending machine. You just stick your coins in and a Snickers bar pops out.”
“The final goal is for Shapeshift to be the central way that humans and machines exchange digital assets,” Voorhees added. “I expect that to be a multi, multi billion dollar industry as digital finance acquires traditional finance. ShapeShift is supposed to be the fastest and easiest engine to do all those digital conversions of assets.”
Voorhees still thinks that the world isn’t completely ready for bitcoin yet. After all, the cryptocurrency is still mired with a lot of controversy, after being used as the main mode of transaction in now defunct underground market Silk Road and as ransom for online malware attacks.
Voorhees also thinks that ShapeShift.IO won’t replace traditional exchanges. Instead, the technology is designed to function as an additional layer that exists on top of normal order-book exchanges. “The ecosystem needs both,” he said. “It’s more like an easy user interface for something that was previously more difficult.”
ShapeShift has already been integrated with Purse.io, which lets users buy goods on Amazon, and Vaultoro, which lets users trade cryptocurrency for bullion. Recently ShapeShift released Coincap.IO for real-time updates for bitcoin market caps and prices.