However, in a blog post, CEO Erik Voorhees wrote that currently the collection of personal information is not a mandatory element. The initiative aims to offer a range of benefits to ShapeShift users, while also enabling the startup to start collecting some personal information from them, essentially forming a pivot away from its “exchange without accounts” model, the online publication continues.
Members will receive discounts on exchange rates, volume-based rewards for transacting with the FOX token and higher transaction limits.
The broader changes are a result of requests from ShapeShift users for account-related features, an increasing interest in tokenization and the regulatory uncertainty surrounding cryptocurrency exchanges at present, according to the CEO. While ShapeShift is adding new features for the program, Voorhees stressed, it will remain a non-custodial exchange, meaning it will not hold customer funds.
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