We want to give you the best user experience possible — which means we’re working diligently to refine and enhance our new platform. We’re excited to announce our latest update to the ShapeShift Platform: multiple asset accounts. Find out about our new multiple asset accounts, BIP44, and how this benefits you as a ShapeShift user.
What are multiple asset accounts?
Many crypto users have multiple accounts for storing their assets. Similar to having checking and savings accounts, this gives them more versatility in the management of their assets. Some users might have a second or third account where they’re saving for travel, real estate, etc. Now, users can access all of their accounts on the ShapeShift Platform for trading, tracking, sending, receiving, and securing their crypto.
This feature is supported for all assets and wallets, EXCEPT for ETH on Trezor.
If you add a new account via the ShapeShift Platform, your accounts will be accessible via any wallet client that is BIP44 compatible.
What is BIP44?
BIP44 makes it possible to derive many keys from a single mnemonic seed through the use of hierarchical deterministic (HD) keys. This allows the user to create multiple sets of public and private keys from a master key pair. Through BIP44, multi-asset accounts become possible.
To protect users from transacting on an account that may not be scanned by other wallet clients, the ShapeShift Platform requires at least one transaction on an account before an additional account can be added. For example, until you have at least one transaction on Account 0, you cannot add Account 1.
This is to ensure any accounts added in the ShapeShift Platform will be compatible with other wallet clients.
How This Benefits You
Multiple asset accounts make it easy for users to manage their crypto on a daily basis. Maybe you’ve had multiple accounts, but never been able to access them on ShapeShift. You’ve always had to send to Account 0 every time you wanted to trade. Maybe you’re newer to crypto, and you’ve only ever had one account on your platform device. This will allow you to add multiple accounts for checking, savings, trading, travel and anything else that you could think of.
Manage your crypto like never before in our new platform. Try it out now at beta.shapeshift.com and let us know what you think!