Crypto exchange firm Shapeshift has reportedly finalized its acquisition of the non-custodial wallet providing company from Israel – Portis. 

Specifically, Portis is a platform offering non-custodial software wallet services, with its initial integration into Shapeshift’ system has been conducted in November 2019, as a move in a bigger plan from the firm to search for self-custody tools, which free traders from the necessity of using a hardware wallet. 

Erik Vorhees – founder of Shapeshift – reportedly disclosed that the finalized acquisition will grant the firm’s clients integrated access, to a wide range of decentralized finance (DeFi) applications and services.

At the same time, Portis clients can reportedly sign in via their Portis wallet, and execute crypto-related trading activities, which requires no commission. 

Scott Gurlick – co-founder of Portis – reportedly shared that upon the first release of the system, MultiMask had been the sole non-custodial option across the ecosystem. 

“Creating something and only relying on Metamask, with the multiple steps it took to set up, was unacceptable. The idea behind Portis was to build something anyone could use,”

“The central banks of the world have demonstrated that the economic system built around them can only be supported by printing money. This will feel good in the short term, like a dopamine rush, but in the long term could lead to the decline of fiat currency. Cryptocurrency, explicitly designed to prevent debasement, stands ready to help the world migrate away from fiat and banks altogether.” Vorhees further remarked.