Cryptocurrencies
Bitcoin Pioneer Bets on Decentralized Finance After Crash
- ShapeShift’s Erik Voorhees buys Portis for bigger play in Defi
- Portis helps more than 70 apps offer cryptocurrency features
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One of the earliest advocates of Bitcoin is pursuing a new passion: Decentralized finance.
Erik Voorhees, who garnered widespread attention after his exchange ShapeShift was accused of helping criminals launder funds -- findings ShapeShift disputes, citing research from CipherBlade -- bought an Israeli startup that is focused on the so-called Defi movement. In Defi, software programs control everything from lending to interest-bearing savings accounts to buying cryptocurrencies -- independent of the traditional financial system. Anyone with an internet connection can swap tokens, lend or borrow money or buy digital art -- services that have exploded in recent months.