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Launching a private beta of its new product, a cryptocurrency mobile wallet, the Montreal-based fintech start-up Shakepay is all set tap onto the huge growth prospects in the Canadian market. The new product is a peer-to-peer (P2P) multicurrency mobile wallet, enabling Canadians to buy and sell bitcoins and other cryptocurrencies directly from their mobiles. The Shakepay mobile app users can also send and request Bitcoins and Canadian Dollars (CAD) from each other directly through the app.
Shakepay mobile wallets can be loaded with funds through Interac e-transfers, making its convenient for the first time users of digital assets. The users can deposit their funds from wallet to their Canadian bank accounts within 24 hours to cash out their CAD balances for charges of 1.75% fee over the market rates for converting BTC-to-CAD and CAD-to-BTC. However, Shakepay charges no fees for transfer of CAD or BTC between Shakepay users and for transferring CAD to the mobile wallet.
Founded in the year 2015, Shakepay recorded a month-over-month growth of 60% in transaction volumes in 2017 helping it to raise venture capital funding of US$1 million from Amphora capital, Boost VC and few angel investors.
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