The new solution, ‘ShakePay Change’, connects to a users bank credit and debit card, rounds up every purchase made to the nearest dollar, and uses the resulting change to purchase Bitcoins automatically. As such, each satoshi purchased will be added to the user’s Shakepay wallet, where it can be transferred to another bitcoin wallet or sold for cash. Shakepay charges a 0.75% transaction fee for buying or selling cryptocurrency, however, it is free to deposit or withdraw funds.
Moreover, Shakepay operates with a Money Service Business license from the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) in all Canadian provinces and territories. The new service will be available to all customers of major Canadian banks and credit unions, so that the users will be able to link their bank accounts to Shakepay Change once it launches regardless of their bank.
In order to protect the customers, the company has also built security features, such as 2-Factor authentication, email confirmations for outgoing crypto transactions, app PIN code, login alerts, and other internal fraud detection programs. Also, the majority of customer funds are held in an air-gapped cold storage system, and only a small portion of funds are held in the company’s online hot wallet, to enable immediate customer withdrawals.
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