ShapeShift will abandon the “no account exchange” model
The ShapeShift cryptocurrency exchange has introduced a new membership program that will eventually become mandatory for all users. The changes are positioned as a loyalty program and will allow users of the trading platform to receive a number of advantages, but in return they will have to provide their personal data. Thus, ShapeShift is moving away from the “no account exchange” model.
In the blog of the company’s CEO Eric Voorhees, he writes that “the last moment sucks”, meaning the plan for the mandatory transfer of all users to the new exchange scheme, which will be implemented by the end of the year.
“We would like the collection of personal data to remain optional,” adds Voorhees. “We remain fully confident that people, regardless of nation, nationality or religion, deserve the right to financial privacy just as they deserve the right to freedom of thought, relationship and communication. This privacy is a fundamental element of a civilized and just society. It should be defended by all good people “.
Members will gain access to better exchange rates, receive rewards for making transactions with the FOX token, and take advantage of increased transaction limits.
According to Voorhees, ShapeShift’s changes in how it works are due to the “growing interest in tokenization” and the regulatory uncertainty that currently exists around digital assets..
“At its core, membership is an advanced loyalty program. Over time, it will lead to better pricing and better user experience, ”he added..
While ShapeShift is abandoning the “no account exchange” model, Voorhees emphasizes that his company will continue to provide non-custodial cryptocurrency trading services, meaning it will not store user assets..
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