Crypto Exchange Shapeshift Integrates Dexes, Relieves User Kyc Burdens

The DEX onramps will give access to the assets for the users. This offers high liquidity and security. There is a non-custodial cryptocurrency exchange; Shapeshift has come up with an announcement that it is going to integrate with many of the decentralized exchanges or DEX protocols. This is taken to learn about the burden that the customer is facing while offering liquidity to the traders. There is also increase in the pricing, security and the availability of assets. Before the integration process is carried out, ShapeShift has gone through the KFC process to make sure that the company is abiding to the legal requirements. The exchange will serve as a counterparty to the traders that a user would carry out. 

The interview that is carried out with Cointelegraph, ShapeShift CEO, Erik Voorhees clearly stated that the regulated services would continue to operate even on the assets that are not available with the DEXs, especially the native bitcoin. However, the non-DEX trading would be retired by the later part of the year. When you integrate the users with DEX trading, it means that you no longer belong to this type of trading. There would be no middleman, custodian, or a counter party who would take care of the process. This would be a software technology company. This is not regulated and is not involved in any of the regulated activity.

As per Voorhees, there are a few new protocols that are supported by DEXs. There include – Balancer, Curve, Bancor, Kyber, 0x and mStable. There are a half a dozen of protocols. The integrations would keep on adding up with the permission of DEX technology. The move that is taken by ShapeShift would be related to the exchanges, wallets and many other crypto services that would offer access to the DeFi platforms. The DeFi ecosystem is increasing the status quo. The Voorhees know about the custodial services which would offer on-ramp DeFi, which is known as CeDeFi.

These are not compatible as they have to put access controls and should have censor users. There is a centralized exchange that would have restricted access while DeFi will not. On the flip side, Voorhees stated that the non-custodial services, especially the ShapeShift is more than a natural fit for the DeFi integrations. The DEX integrations would be part of the range of series of onramps that have a lot of DeFi products, especially the hunted Voorhees, which is again a decentralized bitcoin exchange service.

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