Crypto exchange ShapeShift acquires non-custodial crypto wallet Portis

Mergers & Acquisitions • April 14, 2020, 7:40AM EDT
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Crypto exchange ShapeShift has acquired non-custodial crypto wallet provider Portis for an undisclosed sum.

Israeli media outlet Globes reported the news on Tuesday, saying that Portis will open a new office in Tel Aviv, which will be operated by ShapeShift.

Upon the deal completion, Portis’s four employees will shift to the new office, per the report. Financial details of the deal remain unknown.

The Portis wallet has been integrated into ShapeShift’s platform since November 2019. ShapeShift CEO Erik Voorhees told Globes that acquiring Portis was a "natural next step."

“After integrating Portis’ SDK [software development kit] into the ShapeShift Platform last year, we recognized the depth of their tech and how closely our values aligned. They really built something special, making self-custody extremely easy. As our relationship evolved, acquiring Portis became a natural next step,” said Voorhees.

Founded in May 2018, Portis was reportedly on the verge of shutting down earlier this year after eight employees were laid off and co-founder Itay Radotzki quit in January.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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