ShapeShift Acquires Non-Custodial Wallet Portis

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April 20, 2020 – Crypto exchange Shapeshift has acquired Portis, a non-custodial wallet from Israel. Prior to that, Portis was integrated to Shapeshift last year as a way for the latter to find self-custody services that will not need traders to use hardware wallets.

Shapeshit founder Erik Vorhees said Portis users can log in to Shapeshift with their wallets and trade crypto commission-free. Shapeshift users will then have access to multiple decentralized finance (DeFi) applications, reports Cointelegraph.

Portis was created out of frustration to the leading non-custodial solution at that time – MetaMask. MetaMask requires, what many believe, are too many complicated steps to get it set up and running. Portis Co-founder Scott Gralnick created the service so that virtually anyone can use it.

As a non-custodial solution, Portis users keep the private keys themselves. Portis said it designed the app’s “security architecture so that transactions can be signed in any modern browser”.

Early this month, Shapeshift has enabled customers in the US to buy Bitcoin and Ethereum with debit cards. The platform has relaxed KYC procedures because it does not actually hold custody of the customer’s funds.

Source: Cointelegraph, Portis

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