Shakepay Raises $35M to Help Canadians Buy, Sell and Earn Bitcoin
The funding will be used to scale the business and launch new products.
Shakepay, a company that allows Canadians to buy, sell and earn bitcoin, has announced a C$44 million (US$35 million) Series A investment led by QED investors, a U.S.-based venture capital firm. The funding will be used to expand the business and launch new products. The valuation of the funding round was not disclosed.
- Shakepay is essentially a crypto-focused version of Block’s Cash App, allowing users to buy and sell bitcoin as well as send money to friends. In December, the company launched a beta version of its Shakepay Visa Prepaid Card to a group of 180,000 early-access customers. The card lets users earn cash-back rewards in bitcoin.
- “We believe in the widespread adoption of bitcoin,” Shakepay CEO Jean Amiouny told CoinDesk in an interview. “The adoption of bitcoin as a monetary standard will be better for the citizens of Canada and for the future.”
- Other participants in the round included Golden Ventures, Broadhaven, entrepreneurs Henri Machalani and Mike Murchison and several product leaders from e-commerce company Shopify.
- As part of the capital raise, QED Investors partner Matt Burton will join Shakepay’s board of directors.
- "Shakepay has been able to build a very passionate community and find product market fit on multiple product lines which is rare in today's competitive environment," said Burton in a press release.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.