It seems that blocktrades have their own order book and matching algorithms. But as for Shapeshift, they provide exchanges via Poloniex or Bittrex. You can see balancing transfers in their history. As for our service Changelly, we do the same to offer best prices on the market at the given moment. You can have a look, how does it work: https://steemit.com/money/@changelly/how-changelly-suggests-the-best-exchange-rates
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