ShapeShift, a Switzerland based self-custody crypto exchange has launched its sovereign mobile trading application following on the footprints of Robinhood and Revolut. The newly launched mobile trading app would allow the traders to buy and sell crypto from their mobile devices, with the users having full control over their keys.

A self-sovereign trading app like ShapeShift is considered safer since it does not involve any third parties for the storage of the assets. At the time of launch, the mobile trading app would support bitcoin, Ethereum, and ERC-20 tokens, Digibyte, and TrueUSD.

ShapeShift also claims to boast a customer base from 120 countries and at the time of launch they tweeted:

“Our new app gives you the power to trade with competitive rates & buy Bitcoin in 120+ countries, all while enjoying self-custody of your crypto.“

Erik Voorhees, ShapeShift’s founder and CEO released a statement for the launch of the mobile app which read:

“The ShapeShift crypto platform launched a year ago, bringing proper self-custody digital asset management to the masses. But, it was only available on the web. The mobile app is here, and with one email and password, users can enjoy self-sovereign finance on both web and mobile.”

ShapeShift’s mobile trading app launch sits well with its expansion plans to reach out to a new customer base. Back in February this year, the firm announced a new COO in Lisa Loud, a former Apple engineer, and PayPal executive.

The mobile trading app arena has started to see some competition with Robinhood sharing the majority of the market. ShapeShift’s mobile trading app launch comes just days after the London-based challenger bank, Revolut, launched its mobile banking app with the facility to purchase Bitcoin and Ethereum for US customers. At the same time, European customers can also buy Litecoin, Bitcoin Cash, and XRP.

Robinhood has also canceled the UK launch of its stock and crypto trading app after getting the broker authorization from the UK Financial Conduct Authority (FCA) in 2019. A company representative commented on the postponement of the UK launch and said they are currently trying to strengthen their position in their core market in the United States. The spokesperson said:

‘”A lot has changed in the world over the past few months, and we’ve made the difficult decision to postpone our UK launch indefinitely. As a company, we are refocusing our efforts on strengthening our core business in the US.”

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