ShapeShift receives £525k in seed funding

ShapeShift, a Swiss-based instant bitcoin and altcoin exchange has raised £525,000 in seed funding from investors Barry Silbert and Roger Ver. The exchange differs from the traditional exchanges as here users can swap between 25 digital currencies and tokens and it operates without user accounts and requires no form of registration.

"ShapeShift has reinvented the altcoin market and enables the fastest, most efficient and least risky way for people to exchange different digital currencies and tokens", Silbert told CoinDesk.

Erik Voorhees, ShapeShift's creator and CEO, said that the amount received will be used to improve the exchange's engine along with marketing and legal work in Switzerland.

"I wanted the early launch of ShapeShift to be about the innovation of the site itself and its advancement over traditional order-book exchanges, rather than about me," he said.