Bitcoin.com Wallet Customers Must Bid Farewell to Shapeshift Crypto Services

2018-10-6 00:01

Customers Must Bid Farewell to Shapeshift Services from Their Bitcoin.com Wallets

On October 5th, the official Bitcoin website released an annoucement about some changes to their services. The annoucement starts by saying,

“This week we wanted to let our wallet users know that we are sunsetting the Shapeshift API in the Bitcoin.com Wallet. The trading platform Shapeshift has decided to change the firm’s business model to a membership platform that requires the user to submit ID/KYC information.”

Some consumers are already being impacted by the withdrawal of these services, though their ability to access the Shapeshift feature will vary based on their location. The goal of the Bitcoin.com Wallet has been to hold both BCH and BTC coins in a secure but simple way since its original launch in August last year.

Since its creation, nearly 3 million wallets have been created with the option to access it from multiple major operating systems. The partnership with Shapeshift only began about eight months ago.

Last month, the program changed for Shapeshift. Instead of keeping their services as a

“non-custodial crypto trading platform,” they opted for something more lucrative in the form of a membership program that is mandatory for any user of the service. The company said, “If you are using a wallet that integrates with Shapeshift, you will need to authenticate once through the wallet to enjoy the benefits of your membership and to then use the http://shapeshift.io service.”

Designed the fact that compliance with Know Your Customer (KYC) protocols is a requirement for using Shapeshift, Bitcoin.com says,

“Users can still visit the third-party site and still use Shapeshift with our wallet to exchange your bitcoin cash (BCH) or bitcoin core (BTC) for another cryptocurrency.”

Still, Bitcoin.com hasn’t loosened the reigns on their commitment to serve their customers. They constantly keep users in the loop to ensure that they have a full understanding of each new feature, along with the decision to remove features.

Consumers can watch the Bitcoin.com website for the most updated information any new service they provide in the future.

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