The ShapeShift crypto exchange launches a new membership program that will eventually become compulsory for its users. This new membership program which is positioned as a loyalty program will offer a range of benefits to the users. However, it will also start collecting some personal information from its users.
CEO and founder of ShapeShift, Erik Voorhees made this announcement pertaining to the release of the loyalty program entitled “ShapeShift Membership”. The newly developed account-based membership model will be integrated to protect customers and reduce friction. The ShapeShift exchange was however known as the exchange without accounts so far.
As per the statement released by the exchange, this membership program is presently optional for its users. However, it will become mandatory in the future. The program has a provision of seeking basic personal information of its users. As part of the rewards program, users can apparently receive benefits in various forms and better pricing across all ShapeShift services and products. The exchange, however, mentioned that the benefits are subject to change.
Crypto exchange ShapeShift CEO, Erik Voorhees wrote in a blog post that the part pertaining to making the membership program mandatory sucks. He further wrote that he would have preferred if it was not mandatory to collect personal information of users.
Voorhees further wrote in his blog that the membership is, in essence, an advanced loyalty program. This loyalty program will lead to a superior user experience and better pricing over time, he wrote in his blog post. Vorhees stressed that while the exchange is adding new features to the program, it will continue to remain a non-custodial exchange. This means that it won’t hold customer funds as stated in the CoinDesk report.
So far, the ShapeShift crypto exchange users were not required to register or sign in to execute trades. In its recent statement, the exchange asserted that while the account-based format is new, the exchange continues to remain committed towards consumer protection. It will continue doing so via its non-custodial model, as stated in the Cointelegraph report. The exchange said that it does not and won’t hold customer deposits.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]