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New Shakepay service turns spare change into bitcoin

New service by Shakepay converts cents in bitcoins

Mobile cryptocurrency exchange and P2P wallet Shakepay announced the launch of a new service called ShakePay Change, which help customers from Canada can purchase bitcoins in change left after shopping in traditional stores.

This function connects to a Bank credit or debit card user. Then the program rounds up each purchase to the nearest dollar and automatically converts the "leftovers" in bitcoins. For example, when buying a latte for 2.97 dollar, the service takes 0.03 dollar for investments in bitcoin or other cryptocurrency.

Every satoshi, thus obtained, is added to the user’s Shakepay wallet. Further assets can be transferred to another wallet, or sell them for cash. The size of the Commission Shakepay for the purchase or sale of crypts is 0.75%, but the enrollment and withdrawal of assets do not involve extra charge.

Shakepay CEO Jean Amiouny said:

"ShakePay Change will allow each Canadian to easily buy bitcoins in small amounts. The last few weeks, many users Shakepay buy the cryptocurrency for the long-term ownership".

Montreal-based Shakepay provides its services throughout the country in accordance with the Money Service Business license, issued by the Financial Transactions and Reports Analysis Center of Canada. The company also partnered with Schedule 1 bank, which is one of the few canadian financial institutions, loyal to bitcoin. Amiouny claims that the new service will be available to all customers of the major banks and credit unions of Canada. Moreover, users can link their Bank accounts to ShakePay Change.

Jean Amiouny also said that the startup has all the necessary levels of security including two-factor authentication, email confirmations for outgoing crypto transactions, PIN-codes, regular notifications of login and integrated program to detect fraudulent activity.

He added:

"Most of our clients keep their funds in the system of cold storage that is not connected to the network. Сompany’s online hot wallet intended for storing only small amounts of money that clients had the opportunity to withdraw them at any time."

It is noteworthy that the service Coinflash also offers similar services to US customers. Unlike Shakepay, Coinflash uses data from credit and debit cards with the purpose of shopping for "remnants" on the exchange Coinbase. In other words, to buy cryptocurrencies via change, users must have an account on Coinbase.

ShakePay Change, in turn, works with a own exchange Shakepay — outsource service he did not need. A similar service called Lawnmower was bought by the famous news site Coindesk in 2017. As Coinflash, Lawnmower work with the Coinbase.


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