Opinions

Turn Spare Change Into Bitcoin Through Shakepay’s Newest Feature

Some maple leaves are stirring in the cryptoverse, as Shakepay announced a new product, one that is specifically designed to enable Canadian customers to purchase Bitcoin with their spare change. And the pre-launch of this service was just announced.

Shakepay is sort of a hybrid, a mobile cryptocurrency exchange and a peer-to-peer wallet as well. The platform touts itself as the easiest way for Canadians to buy and sell Bitcoin. The newest addition in the Shakepay ecosystem is dubbed as the ‘Shakepay Change’. What it does is, it connects your debit and credit cards, both and rounds up every purchase that has been made to the nearest dollar and utilizes the resulting change to purchase Bitcoin automatically.

Following the Bitcoin purchase, each BTC will be added to the user’s Shakepay wallet, where it can be further moved to another Bitcoin wallet or can be even sold for cash, depending on the users requirements. The platform does charge transaction fee for the buying or selling of cryptocurrency, which is only 0.75 per cent. However, there is no fee for the depositing or withdrawal funds, it is free of cost. 

We’re excited that Shakepay Change will allow every Canadian to easily own bitcoin, buying small amounts gradually over time. Many of our customers already buy Bitcoin week after week for the purpose of long-term holding

Said, Shakepay CEO Jean Amiouny.

Key Features of Shakepay

Lightning Fast

It doesn’t more than a few minutes to set up your user account. It is done almost instantly and in a jiffy you’ll have your very own Bitcoins at your disposal.

Secure Storage of Bitcoin

Most of the digital assets and the customer’s funds on the platform are stored in a cold storage system, which means that they are stored offline. While only a small portion is held on Shakepay’s online hot wallet, for the purpose of entertaining immediate customer withdrawals.

Furthermore, the startup has also added extra security features to its platform in order to protect its customers, like 2-Factor authentication, email confirmations for outgoing crypto transactions, app PIN code, and login alerts, among other fraud detection programs internally.

Regulatory Oversight

The Montreal-based platform functions in the light of a Money Service Business license, which is issued from the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), in all Canadian provinces and territories.

Control over Money

The control over the money in your wallet solely lies with you. It is totally up to the user if they want to send out, either their Bitcoin to another wallet or their Canadian Dollars to their banks. Whatever their decision is, it will be followed through within a metter of minutes.

No Hidden Fees

The platform does not impose any hidden or additional fee from the users, instead all fees have been posted online and the users will never have to pay even an extra sent to Shakepay.

Shakepay also struck a partnership with Schedule 1 bank earlier this year. It holds the title of being one of the very few Bitcoin friendly banks in Canada. And the newest service offered by the platform will be available to all customers of the major Canadian banks and credit unions as well. Users will be able to link their bank accounts to Shakepay Change once it launches irrespective of their bank.

The team behind Shakepay hopes that their Shakepay Change will help involve more Canadians in the Bitcoin scene, as the company moves forward with its mission to create open access to building wealth.

You can find it on the Google Play Store and if you happen to be an Apple person, we’ve got you covered. You can also find it on the Apple App Store.

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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