ShapeShift CEO Erik Voorhees has announced the release of ShapeShift Membership, a loyalty programme for the popular cryptocurrency exchange platform.
This is a major shift away from the company’s previous model, which was centered around not requiring users to register an account.
Historically, cryptocurrency owners could simply use the ShapeShift platform to exchange one cryptocurrency for another – no registration required.
Voorhees said that the new membership programme would eventually become mandatory for all users, requiring them to log in if they wanted to exchange cryptocurrency.
After membership becomes mandatory, users will need to divulge basic personal information to the platform in order to use the ShapeShift service.
“The practice of requiring customers to hand over personal private information is one we’ve struggled with since inception,” Voorhees said.
“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.”
Different levels of membership will reportedly offer a number of benefits to users, including higher trading limits, early access to new coins, and private market data.