ShapeShift Announces Membership Program

ShapeShift Announces Membership Program

ShapeShift, the Bitcoin and altcoin conversion platform has announced a membership program for its users.

In a blog post on their official blog, the Founder, and CEO of ShapeShift, Erik Voorhees announced the membership program. For those who have been with the platform since the beginning, this move would seem out of the line. After all, ShapeShift has primarily been an exchange without accounts—a model they’ve pioneered for protecting customers and reducing friction.

Voorhees explains in the blog as to why this was necessary. Over the last year, the team has been exploring and working on three major themes. The themes were:

“1) The requests of many of our users to have account-related features: A record of transaction history, saved/whitelisted addresses, and email notifications, for example.
2) Our increasing interest in the broad phenomenon of tokenization – the ability to “financialize” and bring liquidity to various aspects of business/customer relationships. Specifically, the ability to build tokenized loyalty programs, in which the engagement between a business and its customers can itself become an asset.
3) The practice of requiring customers to hand over personal private information is one we’ve struggled with since inception. To the extent that digital asset technology remains a legal grey area, we need to be prudent and thoughtful in our approach as we navigate the regulatory environment.”

In essence, the membership would be an advanced loyalty program which would, in time, lead to better pricing as well as a superior user experience—both of which seem essential to customer satisfaction.

Also Read: ShapeShift Acquires BitFract to Trade Bitcoins for Multiple Altcoins

Some of the important details about the membership which the users must know (as per the blog) are:

  • Members receive special benefits. The benefits will be available both through the website and through the API, and will evolve over time. Benefits include:
    • Discount on exchange rates (Lvl 2+)
    • Volume-based rewards in FOX
    • Higher transaction limits
  • There are five levels of Membership (Level 1-5).
    • Level 1 is available now, and is free and open to everyone.
    • Levels 2-5 will be available later, and enable benefits on higher amounts of volume. Possession of specific amounts of FOX tokens (rather than spending or “burning”) grants access to these higher levels of Membership.
  • FOX tokens are standard Ethereum-based token. There are 1,000,001,337 FOX tokens in existence (and never more).
  • Membership benefits in various forms will accrue across all products and services of ShapeShift). The benefits can and will change over time.
  • You can become a Member here (the first 100,000 Members will receive 100 FOX tokens upon the release of the token later).
  • FAQ can be found here
  • Membership requires basic personal information to be collected. Today, Membership is optional, but it will become mandatory soon.

The last detail about the membership is something of concern to a lot of people who look for complete privacy and anonymity when it comes to using cryptocurrency. It is, nevertheless, necessary for the program to function properly. Voorhees spoke about how the team doesn’t like it as well but is doing it since it is necessary. He said:

“We would prefer if the collection of personal information was not a mandatory element. We still firmly believe that individuals, regardless of their race, religion, or nationality, deserve the right to financial privacy, just as they deserve the right to privacy in their thoughts, in their relationships, and in their communications. Such privacy is a foundational element of a civil and just society, and should be defended by all good people. We remain committed to that cause and it is best served if we are smart about our approach.”

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.