The resurrection of the blue red panda
This just in.
Two years ago, Roy and I set out to build a truly trustless financial system. We were enchanted by the idea of using bitcoin in our everyday transactions yet we couldn’t. The world didn’t care about our aspirations of a bitcoiner life.
Since then, bitcoin and other crypto assets have taken off in adoption. The real difficulty in this new economy has continued to be the cross over between the two worlds, the current financial system and the digital one. The old and the new. Echoed in our Bonjour, world! post,
Both systems offer fantastic advantages to consumers yet they are not compatible. What could happen if we link bitcoin to the existing financial infrastructure?
This past week featured the latest fight of the old vs the new. Wavecrest, our card issuing partner, suddenly and permanently closed their crypto-enabled VISA program.
At Shakepay, we pride ourselves on the products we build. We primarily build them for ourselves. In rebellious fashion, however, many of our developments have not passed the old system litmus test:
- We launched Bitcoin Tap & Pay on Android that was turned off
- We launched Shakepay Instant, a chrome extension that generated one-time use virtual cards that was shut down
- A crypto-enabled VISA debit card that was cancelled.
While it’s easy to play the blame game, we must understand that centralized systems are not built to withstand central points of failure. And these failures attest to that.
Mid-last year, we heard the news that Wavecrest was reducing the list of countries supported. Five months after that, they pulled the plug on the rest.
In light of this news, I would like to present what we’ve been working on since last summer.
The new Shakepay
A multi-asset, peer-to-peer mobile wallet that gives users control over their funds and access to exchanges.
Crypto funds are non-custodial, stored on a user-generated private key on sign up.
Users on the platform can transact with one another, interact with the blockchain, and move in and out of fiat by transacting with users on the platform or on exchanges they’re plugged into.
We’ll be launching a private beta over the next few weeks, click here to get on the waitlist.
The bigger evolution
The crypto world has garnered such a force over the last few months that we now have the collective bargaining power to flip the system on its head.
Traditionally, a user would have to trust a third party payment processor, like an exchange, a remittance provider, or an individual, with their funds for the entire length of a transaction. They could be biting their nails for several days while the third processor has little incentive to quickly resolve the situation. When things go wrong, the loss is the user’s, not the processor’s.
Building a network of payment processor would enable a decentralized exchange for exchanging crypto and fiat.
A transfer from BTC to EUR into a bank account in Germany would be bid on by dozens of third parties. Each would offer their own rates and guarantees.
This is the start of something new.
Where does this bring us
A private beta of the new Shakepay will launch within the next few weeks. To sign up for the private beta, click here.
If you’re currently a debit card user and would like the balance of your cards shifted over to the new application, please read this article.
We’ll be going deeper into The bigger evolution on this blog, you can sign up for our newsletter here, follow us on twitter, or join our slack.