BitGo, the multi-signature bitcoin wallet, has integrated ShapeShift, the cryptocurrency exchange service, to provide bitcoin wallet holders with instant access to dozens other digital currencies.
This integration allows BitGo users to exchange, send and receive various altcoins accepted by ShapeShift without leaving the wallet, reads companies’ joint press release. It makes conversion process simple and quick.
“BitGo customers can now instantly transfer their Bitcoin into any alt-currency with just a few clicks,” said BitGo CEO Mike Belshe.
Exchange and transfer process is explained in a video guide recently published by the companies. Firstly, you install the ShapeShift app in your BitGo bitcoin wallet through the “Apps” tab. Once you have done it, select the altcoin you need, put in the digital currency wallet address you want to send the money to and the amount in bitcoins. The sum in bitcoins leaves your wallet, and the recipient receives the corresponding amount in the chosen altcoin.
The integration seems to be the next step in the relationship of the two companies. Previously SpaceShift integrated BitGo’s Instant feature which validates bitcoin transactions immediately as they are initiated. Without Instant, it takes about ten minutes for a transaction to be confirmed by miners, claims the company, which could cause considerable delays for businesses involved in the bitcoin industry.
BitGo offers users with extra-secure multi-signature wallets where three keys are used instead of one to protect access. To make a bitcoin transaction, at least two keys are necessary, which provides safety even if one of the keys is compromised.
ShapeShift is a platform offering instant cryptocurrency exchange. “From start to finish you can change currencies in under ten seconds, no account required,” reads the company’s website. It supports dozens of altcoins, including such important as bitcoin, litecoin and ether, and will be used to facilitate the Initial Coin Offering of the emerging digital currency lisk.
Andrew Levich
