Shakepay, a Montreal-based fintech company, is rolling out its cryptocurrency wallet app in private beta. The platform lets Canadian users buy and sell Bitcoin and other digital assets from their phon
Shakepay, a Montreal-based fintech company, is rolling out its cryptocurrency wallet app in private beta. The platform lets Canadian users buy and sell Bitcoin and other digital assets from their phones.
The app enables transactions between Shakepay users and provides access to blockchain networks. Customers fund their wallets through Interac e-transfers and withdraw Canadian dollars via bank wire. The company plans to expand to other fiat currencies.
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Shakepay holds crypto funds without custody. Each user generates their own private key during setup. The company charges 1.75% on Bitcoin-to-CAD and CAD-to-Bitcoin conversions at market rates. Shakepay users pay nothing to exchange CAD or Bitcoin with each other.
"We're seeing a huge rate of adoption in the cryptocurrency space and we're excited to launch the new Shakepay product to the Canadian market, one that is severely underserved," said Jean Amiouny, CEO and co-founder of Shakepay. He said the startup aims to be the fastest and most convenient option for buying and selling cryptocurrencies on smartphones.
Shakepay shut down its crypto debit card service in January after its card partner Wavecrest "suddenly and permanently closed" their crypto-enabled VISA program.
Shakepay joined the sixth cohort of Creative Destruction Lab at the Rotman School of Management, University of Toronto. Shakepay had raised $1 million from Boost VC, Amphora Capital, and several angel investors.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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