[2019-07-08] ShapeShift’s New Platform Aims to Rival Coinbase

[mich]

https://www.coindesk.com/shapeshifts-new-platform-aims-to-make-crypto-self-custody-as-easy-as-coinbase?utm_source=twitter&utm_medium=coindesk&utm_term=&utm_content=&utm_campaign=Organic%20

ShapeShift’s new one-stop shop for non-custodial crypto management is launching out of private beta today.

The new platform wants to rival custodians like Coinbase for ease-of-use, all while giving users full control of their private keys.

[figmentofmyass]

a hardware wallet is required to access the platform---interesting barrier to entry. it looks like KYC will be mandated for trading, like shapeshift. i'm curious what the UX will be like.

there's a niche for smaller users here, but i doubt any institutions will be interested in this platform.

[o_e_l_e_o]

The article says the following (emphasis mine):

Notably, a know-your-customer (KYC) check is only required for trading.

Anyone have any clarification on what exactly this means? What functions are available if you don't undergo KYC? If I can't trade (or therefore buy or sell) without KYC, then surely there's nothing left I can do?

Non custodial is great, but why would I choose this exchange when there are already non custodial decentralized exchanges which don't require KYC at all out there.

[figmentofmyass]

The article says the following (emphasis mine):

Notably, a know-your-customer (KYC) check is only required for trading.

Anyone have any clarification on what exactly this means? What functions are available if you don't undergo KYC? If I can't trade (or therefore buy or sell) without KYC, then surely there's nothing left I can do?

the only thing i see in the article that doesn't fall under trading is this:

Voorhees says more assets and features – like lending markets, derivatives and more fiat options – will be rolled into the platform going forward.

is it possible they'll offer p2p lending markets without KYC? maybe that's a possibility. when i was still on bitfinex a few years ago, KYC was't required for lending. i'm not sure if that's changed or what the legal issues are around it.

[LeGaulois]

The article says the following (emphasis mine):

Notably, a know-your-customer (KYC) check is only required for trading.

Anyone have any clarification on what exactly this means? What functions are available if you don't undergo KYC? If I can't trade (or therefore buy or sell) without KYC, then surely there's nothing left I can do?

Non custodial is great, but why would I choose this exchange when there are already non custodial decentralized exchanges which don't require KYC at all out there.

To me, it means you will be able to use it without KYC if you don't do anything else than storing your coins, just as a simple wallet.
I don't see anything spectacular since as soon you want to trade...=>KYC, only the fact users control their keys. This,with a nice UI can do the job but the UI really needs to be VERY GOOD, because it will be one of their main selling point.