Non-custodial cryptocurrency exchange ShapeShift is announcing today the integration of nearly a dozen decentralized exchange (DEX) protocols — a move designed to relieve both the company as well as users of KYC burdens, while simultaneously offering traders superior liquidity, pricing, asset availability, and security.
Prior to the integrations, ShapeShift required users to undergo a KYC process in order for the company to remain legally compliant as the exchange served as a counterparty to user trades. In an interview with Cointelegraph, ShapeShift CEO Erik Voorhees said that regulated services will continue operating on assets that are not currently available through DEXes, such as native Bitcoin, but that “all non-DEX trading on ShapeShift will be retired” later in the year.
“By integrating our users directly to DEX trading, it means we are no longer part of the trade; we are not a custodian, a counterparty, or an intermediary of any kind at any step of the process,” said Voorhees. “Thus, we