The platform is a multi-currency, peer-to-peer (P2P) mobile wallet that enables Canadians to buy and sell Bitcoin and other cryptocurrencies. Also, it enables users to send and request Canadian Dollars and Bitcoin, directly on the app, to and from other Shakepay users.
Funds are added to Shakepay mobile wallets via Interac e-transfers. Users can also cash out their Canadian Dollar balances to their Canadian bank accounts, with their funds being deposited within 24 hours. The fintech charges a fee of 1.75% on top of BTC-to-CAD and CAD-to-BTC market rates. However, there is no fee to send and receive Canadian Dollars and Bitcoin to and from other Shakepay users. Additionally, Shakepay does not charge users a fee to transfer Candian dollars to their mobile wallets.
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