Canadian Startup Shakepay Steers Cryptocurrency Mobile Wallet

An independent beta of multi-currency has been recently launched by a Canadian startup, Shakepay. Being a peer-to-peer (P2P) mobile wallet, it allows users to purchase and sell various Cryptocurrencies including Bitcoin.

This is a one-click platform for Canadians to buy bitcoin by simply using their smartphones. Moreover, users can send and receive Bitcoin and Canadian Dollars among other users of this app.

Funds are deposited into Shakepay provided mobile wallet through Interac e-transfer. With the funds being deposited within 24 hours, users can transfer them directly to their traditional bank accounts.

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Shakepay charges 1.75% fee in addition to the market rates while exchanging Bitcoins to Canadian Dollar and vice versa. However, sending or receiving of BTC and CAD between other users of this app and transfer of CAD into Shakepay account is absolutely free.

Being a Montreal-based company, Shakepay managed to raise $1 million previous year from Amphora Capital, Boost VC, and a considerable number of other investors. In addition, the firm just paired with the associate of Creative Destruction Lab, working under ‘Rotman School of Management’, University of Toronto.

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“We are determined to devise a viable strategy for a flawless interaction between the digital currencies and prevailing financial system. We have no other choice but to introduce products that fulfill ever-increasing demands of end users. ” Says, Roy Breidi, co-founder, Shakepay.

In the meantime, Interac also unleashed that Shakepay backed e-transfer facility has witnessed a noticeable surge in its popularity last year. The number of transactions carried out by consumers and businesses was over 241 million, reaching up to a total exceeding $92 billion. This marked 52% increase in volume and 44% gain in overall value.

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Junaid Awan is an Editor based out of Lahore, Pakistan. He writes about banking culture, financial networks, and financial technology. Awan hosts many live events. He has written for publications such as TNW and PC Online. He is now an Editor at TheOofy.