Today, the Storj Labs team is pleased to announce our STORJ token is now supported on ShapeShift, one of the top instant digital asset exchanges in the world. This marks another milestone for Storj Labs, as ShapeShift’s API will enable companies integrating with Storj to leverage smart contracts to exchange STORJ for other digital assets in real time. Other STORJ token holders can also swap STORJ for a wide array of digital assets without having to store them on a centralized exchange.
Our team feels this integration creates added utility for STORJ tokens by enabling new, automated payment functionality. Companies building on top of the Storj data layer, who accept payments from their customers in one token and need to convert a portion of those payments to STORJ tokens, can now do so through ShapeShift and their API. This approach eliminates many manual processes still found in digital currencies through the power of ERC20 smart contracts, simplifying the payment process for companies building on top of the Storj platform.
When Storj Labs migrated its SJCX CounterParty token to the STORJ ERC20 token, it was because our team understood the massive opportunity that is unlocked through the Ethereum platform, including smart contracts and the utility this can create. We look forward to seeing how customers and partners leverage the utility of STORJ through ShapeShift implementations, to power their applications and automate back-end processes.
As background, ShapeShift is an instant digital exchange that allows users to swap any of its supported tokens for one another, going beyond the traditional markets like Bitcoin and Ethereum. Users select the token they wish to deposit, along with quantity, and they receive the corresponding amount of another token, based on the current exchange rate. In addition to its API, ShapeShift also has many other tools like the “Shifty button” that Storj and its partners can use to augment utility on the platform.
If you have any questions about exchanging STORJ tokens on ShapeShift, reach out on our Rocket.Chat community.