Montreal-based firm puts faith in cryptocurrency despite dramatic drop in value
Shakepay believes its app and new OTC service allows investors to buy and sell Bitcoin in less than 10 minutes.
The Montreal-based fintech company has thrown its weight behind the cryptocurrency despite the price having plummeted from about $19,000 at the turn of the year to its current $6,439 value.
Jean Amiouny, CEO, told WP that despite this drop, Shakepay’s transactions and revenues have seen double-digit growth month over month.
He said: “We are very excited to see that even though the Bitcoin price is down from last year’s all-time highs, customer interest continues to grow.”
Shakepay’s trading desk is targeting high-net-worth individuals, business and institutions in Canada and offers both Bitcoin and Ethereum, promising settlement in one business day.
It offers trading for transactions worth more than $50,000 and said the OTC minimizes counterparty risk and prevents slippage or price increases when trading on marketplace exchanges.
Amiouny said the OTC service is a response to the demand for large volume trading, follows a 12-month pilot period and Shakepay’s launch of a digital currency wallet launched earlier this year.
He added that the company’s mission is to continue to create “open access to building wealth”.
He said: “We do this now with our application that allows Canadians to easily buy and sell Bitcoin in under 10 minutes, and Shakepay OTC, our new service for high-value digital currency trades.
“We want to keep making this easier and more frictionless for our customers, many of which buy Bitcoin week-after-week, dollar-cost-averaging into it for the purpose of long-term holding.
“With Shakepay and Shakepay OTC, we’ve created the most frictionless ways to buy and sell Bitcoin in Canada.”
Since 2015, the firm has served more than 40,000 clients and transacted more than $30 million dollars, with its app available on iTunes and Google Play.
Amiouny said compliance is a high priority and wants to continue to offer its service nationwide.
He said: “As this new space develops, customers are looking for financial services who take Canadian regulatory guidelines seriously. We are licensed as a money services business by FINTRAC and the AMF to operate in all Canadian provinces and territories and have partnered with a Schedule 1 bank.”
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