Funding Boost Propels Shakepay Forward
In a monumental stride for the finance sector, Montreal-based Bitcoin startup Shakepay bagged a hefty $35 million in funding from the notable US venture capital firm QED Investors, boosting the company’s valuation to a dazzling $251 million. This funding round is more than just a cash injection; it sets the stage for Shakepay to reinforce its market presence and tap into the growing appetite for digital currencies among Canadians.
From Humble Beginnings to Rapid Growth
Shakepay, which made its debut in 2015, has emerged as a transformative player in Canada’s financial landscape. Not only does it allow users to buy and sell Bitcoin (BTC), but it also supports Ether (ETH) transactions. The startup has taken the digital currency world by storm, reportedly surpassing $6 billion in total transaction volume and amassing over 900,000 customers in the past year alone.
Expanding Product Lineup
The influx of capital is earmarked for enhancing Shakepay’s offerings, particularly with the recent launch of the Shakepay Visa Prepaid Card. This move reflects the company’s ambition to simplify how Canadians engage with cryptocurrency and make it more accessible for everyday transactions.
The CEO’s Vision
Shakepay CEO Jean Amiouny echoed the sentiment of optimism, highlighting the growing demand for Bitcoin in Canada:
“Shakepay’s seen demand boom for adopting Bitcoin and we’re really excited about this raise to be able to offer more Bitcoin products to our fellow Canadians.”
His words underscore the startup’s commitment to facilitating Bitcoin adoption and enhancing financial literacy among Canadians.
Canadians and Cryptocurrency
The narrative around cryptocurrency in Canada continues to evolve, with a recent survey revealing that 62% of Canadians are eager to receive payments in crypto by 2027. The debut of a Bitcoin ETF last year in Canada has further fueled this trend, signaling a cultural shift towards digital currencies.
A Growing User Base
- In March 2021, Shakepay reached 1% of Canada’s population (about 380,000 people).
- By November 2021, this figure soared to 2%, demonstrating a staggering user base growth of 381% within the year.
Looking to the Future
With the backing of QED Investors, a firm recognized for its expertise in financial technology, Shakepay is poised to advance its mission of guiding Canadians towards financial empowerment through Bitcoin investment. Amiouny sums it up perfectly: their goal is to make it exceptionally easy for the average Canadian to buy and earn in Bitcoin, the “soundest money to ever exist.”
