There exists a bizarre gap in today’s state of financial services.
Traditional banks work with governments and regulators to ensure a trusted set of consumer services. They rely on regulation and government backing to justify a trustful relationship – many governments will pay you back if a bank defaults and this makes the consumer feel safe. Credit cards have become ubiquitous and can be used in transactions worldwide yet they are prone to fraudulent charges.
On the other hand, the design behind Bitcoin and many digital currencies ensures every user control of their money at all times. Bitcoin is direct and transparent yet still infantile in its adoption worldwide.
Both systems offer fantastic advantages to consumers yet they are not compatible. What could happen if we link bitcoin to the existing financial infrastructure?
The case for a truly trustless financial service
Shake, a worldwide debit card with a ton of awesome features.
Funds always in the possession of the consumer
What if you could hold possession of all of your assets until the moment of transaction?
Following the decentralized, trustless nature of bitcoin and digital currencies, we’re building a product that keeps your funds with you at all times. Only at the moment of transaction will you sign over your funds using a multi-signature wallet.
Ability to spend anywhere
Zero foreign transaction fees. Your card becomes a multi-currency card allowing you to spend like a local in more than 80 currencies. At the moment of transaction, Shake quickly calculates the realtime exchange rate using Bitpay’s Bitcoin Best Bid Rate and charges 0% on the exchange.
Mobile tap & pay. Your phone becomes your wallet with mobile tap & pay. All contactless-enabled terminals around the world will now accept your phone as a method of payment.
Plastic cards. For those moments where tap & pay is not available, a plastic EMV card can be used as an alternative to swipe or chip-in.
Virtual cards. All cards can be used for online payments.
Safety and protection
Issue multiple cards. You can issue a card number for every merchant. One for Netflix, one for Amazon, and one for your day-to-day expenses. If a merchant gets hacked, you can easily issue a new card, transfer your funds over and voila! You’re safe from fraudulent charges. Use them like throwaway cards.
Set rules on a card. Now that you have cards for different purposes, you can set rules for authorizing transactions. For example, a mobile provider card can only be used for $37.99 on the 7th of the month and a grocery card can have a limit of $100 per week.
Introducing Shake Alpha
Today we’re announcing Shake Alpha, an early version of Shake that allows you to tap & pay with your Android phone as well as purchase online with a virtual card number.
It’s invite-only at the moment so add your email here to join the list. Get your phones ready because we’re inviting people everyday.