ShapeShift aims to reinvent Swiss banking privacy

If cryptoassets are ever to fill the gaping hole left by the now-defunct Swiss banking secrecy system, then look no further than the ultra-discreet exchange platform ShapeShift, which has quietly operated out of Zug’s Crypto Valley for the last three years. ShapeShift offers services to anyone with a hankering to convert their bitcoin into ether, litecoin or a host of other cryptotokens. No annoying ‘Know Your Customer’ (KYC) paperwork. No awkward questions asked. In that respect ShapeShift resembles an old-school Swiss private bank. But it differs by only accepting small transactions and never touching fiat money or securities, thus flying under the radar of heavy-duty regulation. It also refuses to hold customer assets on deposit – one type of cryptoasset is simply traded for another, usually in a matter of minutes. The company says this cuts out the risk of clients losing their money if the exchange gets hacked - as has happened elsewhere on several infamous occasions, ...