March 29 Switzerland-based ShapeShift, a digital
currency exchange, said on Wednesday it has raised $10.4 million
in capital from both U.S. and international venture capital
investors to fund future expansion.
ShapeShift instantly exchanges digital currencies such as
bitcoin for other online tokens without using conventional
currencies such as dollars or euros. The company has grown an
average of 48 percent per month since launching just under three
years ago, it said in a statement.
The Series A funding was led by Berlin-based Earlybird.
Other new investors include Lakestar, Access Venture Partners,
Pantera Capital and Blockchain Capital. Previous ShapeShift
backers FundersClub and Digital Currency Group also
participated. So did the digital asset exchange's founder and
chief executive officer, Erik Voorhees.
The funds will be mainly used for further expansion of the
company to keep up with its growth and to release two exchange
products this year, the company said.
ShapeShift's Series A funding represents the largest capital
raised for a financial exchange that is not based on
conventional currencies, the company said.
"When we started ShapeShift, a future world of natively
digital assets was very theoretical," Voorhees said in a
"Yet this world is quickly arriving; one in which millions
of forms of digital value, from access keys to tokenized
derivative contracts to video game items, will trade between
people and machines all over the world, every second of every
The ShapeShift platform supports more than 40 digital
currencies and assets, including bitcoin, ethereum, dash,
litecoin, Augur's REP token, and Monero. Any of these assets may
be sold for any other, with more than 1,080 direct trading
"ShapeShift's team built a compelling crypto exchange engine
which can be easily integrated into third-party products," said
Christian Nagel, partner at Earlybird.
(Reporting by Gertrude Chavez-Dreyfuss in New York; Editing by