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Bitfract Announces Private Beta Release

bitfract beta press release

What is Bitfract?

Bitfract is a free, ShapeShift-powered tool that enables you to exchange one coin, like Bitcoin, for up to 62 different coins – all at the same time. Erik Voorhees, ShapeShift creator, recently tweeted about Bitfract stating that it’s “one of the coolest tools I’ve seen built using the ShapeShift API.”

The Current Rebalancing Problem

If your trading strategy involves keeping a balanced portfolio, you may find this tool useful. Normally, rebalancing your portfolio can be a tiresome, expensive process. It usually goes something like this:

  1. Your portfolio starts with an even 25% split between Monero, Ethereum, Litecoin, and NEO.
  2. One day, NEO moonshots to comprise over 50% of your portfolio.
  3. Now, to rebalance, you have two options:
    1. Trade some of your NEO back for the other three coins on an exchange. Oftentimes, this requires first trading for Bitcoin before you’re able to exchange for one of your portfolio coins. This is a time-consuming process that consists of fees at each step of the way.
    2. Exchange NEO for the other coins using a service like ShapeShift or Changelly. Although more efficient than option ‘a’, this still involves three separate trades leaving plenty of room for error.

How does Bitfract work?

With Bitfract, this entire process is condensed into one exchange. First, set the amount and type of your input coin. Next, choose your output coins and the percentage you want to be split into each coin. Finally, enter the wallet addresses for your output coins, and you’re good to go. Bitfract handles the exchange in one fell swoop.

Bitfract Home

Additionally, Bitfract’s decentralized architecture ensures that your funds never touch their hands which also reduces their exposure to hackers.

The beta includes trades from either Bitcoin, Ethereum, or Litecoin to up to 62 different coins, but the team has more on their roadmap. In the future, Bitfract will have automatic rebalancing, trade strategy backtesting, additional allocations, and many other useful tools.

Bitfract’s beta opens this Sunday, April 1st. If interested, you can reserve access here.

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ABOUT THE AUTHOR

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ABOUT THE AUTHOR

Steven is a managing editor at Coin Central and a blockchain investor. He’s also the co-founder of Coin Clear, a mobile app that automatically turns your daily spending habits into cryptocurrency investments.