[3][4] ShapeShift released initially on the iOS platform in June 2015, allowing users to swap 25 digital currencies and value tokens.

[6][7][8] In March 2017, ShapeShift raised $10.4 million in series A funding from both US and international venture capital firms.

[9][10] ShapeShift, unlike many exchanges, did not require user identification, allowing for anonymous transactions.

ShapeShift's policy facilitated the conversion of traceable cryptocurrencies like Bitcoin into untraceable ones like Monero, effectively obscuring the money trail.

[11][12] A 2018 investigation by the Wall Street Journal alleged that ShapeShift had facilitated money laundering of $90 million in funds from criminal activities over a two-year period.