Earlybird leads $10.5m series-A for Shapeshift

A consortium of new investors including Lakestar, Access Venture Partners, Pantera Capital and Blockchain Capital also took part. Previous backers Fundersclub, Digital Currency Group and Erik Voorhees, the founder and CEO, also reinvested.

The new capital will be used to further expand the team with a view to releasing two more exchange products in 2017.

Company
Founded in 2014 and based in Switzerland, Shapeshift is a bitcoin and other crypto-currency conversion service. The company has a strict "No Fiat" policy, meaning that it does not use banks or political currencies in any of its operations.

Shapeshift allows users to exchange 40 different digital currencies and assets for an equivalent amount in another digital currency for a small transaction fee. According to a press release, Shapeshift's exchange volume has recently surpassed 50,000 bitcoins per month.

People
Earlybird Venture Capital – Christian Nagel (partner).
Pantera Capital – Paul Veradittakit (partner).
Shapeshift – Erik Voorhees (CEO).

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• Topics
• Expansion
• DACH
• Technology
• Earlybird
• Venture
• Switzerland
• Fintech