Montreal-based fintech startup Shakepay has announced the release of its digital wallet in private beta. The mobile app allows Canadian users to buy and sell Bitcoin and other cryptocurrencies, directly from their phones.
Through the mobile app, Shakepay users can transact with one another, interact with the blockchain, and move in and out their funds easily.
Funds are added to Shakepay mobile wallets via Interac e-transfers, and users can easily withdrawal their CAD by bank wire. The company plans to provide support for other conventional currencies in the near future.
Crypto funds are non-custodial, stored on a user-generated private key on sign up, according to the company’s FAQ.
Shakepay charges a 1.75% fee on top of BTC-to-CAD and CAD-to-BTC market rates. There is no fee to send and receive CAD and Bitcoin to and from other Shakepay users.
“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. The company aims to offer the fastest and most convenient way for users to buy and sell cryptocurrencies from their smartphones, he stated.
Shakepay shut down its cryptocurrency debit card services in January, stating that its card issuing partner Wavecrest, “suddenly and permanently closed their crypto-enabled VISA program.”
The startup recently joined the sixth cohort of Creative Destruction Lab at the Rotman School of Management at the University of Toronto. Last year, it raised $1 million in funding from Boost VC, Amphora Capital, and a handful of angel investors.