Crypto Exchange Shapeshift Acquires KeepKey Hardware Wallets

ShapeShift has announced that the company has bought KeepKey, makers of cryptocurrency “cold storage” hardware wallets.

 Today, Shapeshift.io announced its acquisition of hardware wallet manufacturer KeepKey. According to the cryptocurrency exchange, by pairing the KeepKey hardware wallet with ShapeShift,  users will be allowed to safely store their coins on a secure physical  device while trading their assets directly over the ShapeShift API,  which can be reached from KeepKey’s interface. 

 “Security is of critical importance when it comes to holding and  trading digital assets. One of our priorities has always been to make  the exchange experience as safe and easy for users as possible, and our  pairing with KeepKey enables us to provide an unmatched customer  experience. Users can hold their coins on the hardware device and  exchange them on demand within the wallet, without even visiting a  website. When you pair the KeepKey hardware wallet with ShapeShift’s  exchange, the experience is magical,” Erik Voorhees, CEO of ShapeShift,  said. 

 KeepKey already had integrated ShapeShift’s API a year ago, allowing  it to supporting the most popular cryptocurrencies. The firm’s objective  is to support all leading digital assets providing the users with the  “most secure storage wallet available.” 

 “This partnership will not only guarantee the future success of the  KeepKey brand and product line, but joining the ShapeShift team will  enable us to focus on continuing to work on developing better technology  and security for crypto-holders,“ said Ken Hodler, Chief Technology  Officer at KeepKey. 

 ShapeShift confirmed that the company will preserve KeepKey’s brand  and product line. Furthermore, the acquisition of KeepKey will allows  ShapeShift to “provide increased capital for inventory and security  expertise.” 

 “Amid heightened interest in the concept of digital currencies, a  simple, user-friendly cold storage wallet with native exchange  functionality is one key to wider adoption,” said Voorhees. 

 The combination of ShapeShift and KeepKey reflects both companies’  commitment to security and privacy. ShapeShift does not collect any  personal information on its users. Furthermore, customer funds are not  collected on the company accounts and users maintain control of their  keys at all times. 

 The KeepKey drive is physical hardware device that protects users’  funds from “hackers and thieves.” It uses wallet software located on the  user’s computer. The device takes over the management of private key  generation and storage along with the signing of transactions. The  hardware has a built-in random number generator for private keys, which  works in combination with the “randomness” provided by the user’s  computer. After the private key is generated, the user is given a  twelve-word recovery sentence, which can be used to recover the device  without compromising its private keys.  

source : bitcoinmagazine