New Shakepay Feature Turns Your Spare Change Into Bitcoin

Mobile cryptocurrency sell and peer-to-peer wallet Shakepay has announced a new product that allows the Canadian business to buy bitcoin with gangling change. Dubbed “ShakePay Change,” the pre-launch of the use was announced in a Medium post.

The new use connects to a user’s bank credit and repel card, rounds up every squeeze made to the nearest dollar and uses the ensuing change to squeeze bitcoins automatically. So, if you buy a latte for $2.97, Shakepay Change would use the $0.03 to deposition in bitcoins or ether.

Each satoshi purchased will be combined to the user’s Shakepay wallet, where it can be eliminated to another bitcoin wallet or sole for cash. Shakepay charges a 0.75 percent transaction cost for shopping or offered cryptocurrency, but it’s giveaway to deposition or repel funds.

“We’re vehement that Shakepay Change will concede every Canadian to easily possess bitcoin, shopping small amounts gradually over time. Many of our business already buy bitcoin week after week for the purpose of long-term holding,” Shakepay CEO Jean Amiouny told Bitcoin Magazine via email.

Montreal-based Shakepay operates with a Money Service Business permit from the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) in all Canadian provinces and territories. The organisation had also partnered with Schedule 1 bank, one of the few bitcoin-friendly banks in Canada, progressing this year. Amiouny pronounced the new use will be available to all business of vital Canadian banks and credit unions, so Canadian users will be means to couple their bank accounts to Shakepay Change once it launches regardless of their bank.

On the emanate of security, Amiouny pronounced the startup has built additional confidence facilities to strengthen customers, including “2-Factor authentication, email confirmations for effusive crypto transactions, app PIN code, [and] login alerts, among other rascal showing programs internally.”

He pronounced that the infancy of patron supports are hold in an air-gapped cold storage system with only a small apportionment of supports hold in the company’s online prohibited wallet so that they are available for evident patron withdrawals.

Shakepay’s round-up investment for cryptocurrencies is identical to what Acorns did to normal assets. U.S.-based Acorns launched the micro-investment use 3 years ago, which became renouned with millennials, enabling the association to grow to over 850,000 customers. Customers entrust the investing app with their credit label details; in return, the app automates their investment routine on normal assets.

Coinflash offers a identical use to American consumers through the mobile app. Unlike Shakepay, Coinflash pulls the information from your repel or credit label and uses the gangling change to make purchases on Coinbase. Thus, users need a Coinbase comment before they can entirely distinction from the programmed investment process.

Shakepay Change, on the other hand, uses Shakepay’s possess exchange, so it doesn’t need to outsource this service.

A identical service, Lawnmower, which started as a roundup app for shopping up bitcoin with gangling change, was acquired by digital banking news opening Coindesk in 2017. As with Coinflash, Lawnmower creates the purchases through an API formation with Coinbase. Lawnmower was subsequently acquired due to the palliate of use and interest of the cryptocurrency cost charts.

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