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I'm trying to better understand Shapeshift's business model. How do you make money?

by Permit 6y ago

tigereyeTO 6y ago
ShapeShift is a platform that provides users with much more than just trading: we are a mobile wallet, a hardware wallet provider with KeepKey, a DEX, and an easy place to manage your crypto assets while retaining control of your private keys. And, for developers, we’re building a powerful software development kit (SDK). ShapeShift is building an ecosystem with the FOX Token at its core, and there are many opportunities to ensure a sound business model within it. We are looking to continually build value into FOX Tokens for the benefit of its holders while establishing a solid financial foundation for our company and our employees.
- mbesto 6y ago
  Can you simplify a bit? Can I take my USD dollars and buy crypto on your platform or not? If not, how would I obtain crypto and leverage those solutions that you support?
  - tigereyeTO 6y ago
    ShapeShift partners with Banxa to process debit and credit card transactions. This allows you to buy BTC directly with USD, and the BTC is delivered directly to your own wallet with keys that are in your control. Note that Banxa performs their own KYC for their own MSB services. Once you have some crypto, you can then trade it for other crypto with a few taps on your smartphone, or clicks in your browser. Search your smartphone's app store for ShapeShift and give it a whirl yourself :)
    - mbesto 6y ago
      > Note that Banxa performs their own KYC for their own MSB services. Ok and so does Coinbase. So at any point I, an American citizen, must do some level of KYC. Is the idea that I can simply buy Crypto from another exchange and then send the hash to another wallet on your platform (where KYC isn't performed)? > Search your smartphone's app store for ShapeShift and give it a whirl yourself :) No offense, but I won't. It's hard for me to trust a wallet that clearly (or technically unclearly) is operating in a grey area of the law.
csomar 6y ago
Some kind of a miner fee: https://shapeshift.com/miner-fees https://shapeshift.com/miner-fees I think to be able to execute the transaction.
- tigereyeTO 6y ago
  Miner fees are charged by the various blockchain networks, and not by ShapeShift. If the Bitcoin network is charging 0.00066 BTC for a transaction, ShapeShift passes this charge through to users transparently.

I'm trying to better understand Shapeshift's business model. How do you make money?

by Permit 6y ago

I'm trying to better understand Shapeshift's business model. How do you make money?

ShapeShift is a platform that provides users with much more than just trading: we are a mobile wallet, a hardware wallet provider with KeepKey, a DEX, and an easy place to manage your crypto assets while retaining control of your private keys. And, for developers, we’re building a powerful software development kit (SDK). ShapeShift is building an ecosystem with the FOX Token at its core, and there are many opportunities to ensure a sound business model within it. We are looking to continually build value into FOX Tokens for the benefit of its holders while establishing a solid financial foundation for our company and our employees.

mbesto 6y ago
Can you simplify a bit? Can I take my USD dollars and buy crypto on your platform or not? If not, how would I obtain crypto and leverage those solutions that you support?
- tigereyeTO 6y ago
  ShapeShift partners with Banxa to process debit and credit card transactions. This allows you to buy BTC directly with USD, and the BTC is delivered directly to your own wallet with keys that are in your control. Note that Banxa performs their own KYC for their own MSB services. Once you have some crypto, you can then trade it for other crypto with a few taps on your smartphone, or clicks in your browser. Search your smartphone's app store for ShapeShift and give it a whirl yourself :)
  - mbesto 6y ago
    > Note that Banxa performs their own KYC for their own MSB services. Ok and so does Coinbase. So at any point I, an American citizen, must do some level of KYC. Is the idea that I can simply buy Crypto from another exchange and then send the hash to another wallet on your platform (where KYC isn't performed)? > Search your smartphone's app store for ShapeShift and give it a whirl yourself :) No offense, but I won't. It's hard for me to trust a wallet that clearly (or technically unclearly) is operating in a grey area of the law.

csomar 6y ago

Some kind of a miner fee: https://shapeshift.com/miner-fees https://shapeshift.com/miner-fees I think to be able to execute the transaction.

tigereyeTO 6y ago
Miner fees are charged by the various blockchain networks, and not by ShapeShift. If the Bitcoin network is charging 0.00066 BTC for a transaction, ShapeShift passes this charge through to users transparently.