ShapeShift buys Israeli digital wallet co Portis

Tom Teman and Erik Voorhees / Photo: Portris PR and ShapeShift PR

Portis, which will open the Tel Aviv office of US self-custody crypto-platform ShapeShift has developed a digital wallet app to hold non-custody cryptocurrencies.

US self-custody crypto-platform ShapeShift has announced that it has acquired Israeli software wallet company Portis. No financial details were disclosed. With the completion of the deal, Portis's four employees will become part of the new Tel Aviv office of ShapeShift, which is managed from Denver, Colorado by its founder Erik Voorhees.

Portis, which was founded in May 2018 by CEO Tom Teman and Itay Radotzki, has developed a software wallet app (DApps) based on the blockchain of ethereum. A source informed "Globes" that several months ago Portis was on the verge of closing down after eight employees were fired and Radotzki quit.

Portis's main product is a digital wallet app designed to hold non-custody cryptocurrencies. The app has been integrated into ShapeShift's platform since November 2019 and has since served as a digital wallet for crypto trading customers.

ShapeShift CEO Erik Voorhees said, "After integrating Portis’ SDK 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."

Portis CEO Tom Teman said, "Working with Erik and his team, it was clear to us that ShapeShift understands the importance of a borderless financial system, and Portis has always aimed to empower DeFi developers to offer their user base a simple yet powerful experience. Both of our companies believe that balancing self-custody, security, and usability is of the utmost importance for bringing blockchain to the masses. We’re excited about the possibilities that lie ahead."

Published by Globes, Israel business news - www.globes-online.com - on April 14, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Tom Teman and Erik Voorhees / Photo: Portris PR and ShapeShift PR
Tom Teman and Erik Voorhees / Photo: Portris PR and ShapeShift PR
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