Today, the Storj Labs team announced that their STORJ token is now supported on ShapeShift, the leading instant digital asset exchange.
It marks another milestone for Storj Labs, as ShapeShift’s API will outfit companies integrating with Storj to leverage smart contracts to be able to exchange STORJ for other crypto 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.
The team stated they feel this integration creates added utility for STORJ tokens by enabling new, automated payment functionality.
Companies who build on top of the Storj data layer, that accept customer payments in one token and need to convert some/all of those payments to STORJ tokens, can now do just that through ShapeShift and their API.
This approach eliminates many manual processes still found in crypto today through the power of ERC20 smart contracts, which simplifies the payment process for projects building on top of the Storj platform.
When Storj Labs migrated its SJCX CounterParty token to the STORJ ERC20 token, it was because their team understood the large opportunity that would be unlocked through the Ethereum platform, including smart contracts and the related utility. They look forward to seeing how customers and partners leverage the utility of STORJ through ShapeShift implementations, to power their apps and automate back-end processes.
ShapeShift Overview:
I've blogged about this company/service many times but so many new people arriving to crypto daily means that people need Crypto 101 info out there daily, ongoing.
Shapeshift is an instant digital exchange that allows users to swap any of its supported tokens for one another, well beyond the initial / traditional crypto markets like Bitcoin and Ethereum.
Users pick the token they want to exchange, along with quantity, and they receive the corresponding amount of another token, based on the current exchange rate.
Additionally to its API, ShapeShift also has many other tools - ie. the “Shifty Button” that Storj and its partners can use to add to / supplement utility on the platform.
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