Another Visa product and digital wallet that converts three major cryptocurrencies; Bitcoin, Ethereum and DASH, into fiat currencies including US dollars is available.
Shakepay offers users chip and pin plastic Visa debit cards and a virtual Visa card for online payments. The card and app will convert Bitcoin, Ether and DASH (formerly Darkcoin) into US dollars or Euros, Shake’s website indicates.
The Shakepay App is available for Android right now but not for Apple. Obviously it should be possible to use Shakepay Visas via Android Pay and Apple Pay, which take Visa credit cards.
Bitcoin, DASH and Ethereum Visa Available
ShakePay is the creation of a Canadian company called Shake Labs which is based in Montreal. Interestingly enough Shake offers both a plastic card and one time use cards that are available through the Chrome Web Store. Those stores are capped at $100.
The Shake Plastic Card will cost you $15 (€15) and a monthly fee of €1 ($1). There’s also a $2.50 (€2.50) fee for each ATM withdrawal, a 1% card loading fee, a 3% foreign currency conversion fee and a $3.50 (€2.75) fee for use at international ATMs. So it does not come cheap but the Shake Visa is apparently available in 130 countries or all the nations where Visa is available.
There’s also a premium service called Shake Blue that allows you to make transactions up to $2 million (€1.69 million) in exchange for fees between .25% and 5%. Persons that use Shake Blue will have to buy a cryptocurrency called KYC. Shake claims you can purchase anything including real estate, vehicles and boats with Blue. You should also be able to use it to pay your rent.
Shake has received some Venture Capital investment from BOOST VC. It is one of at least two companies trying to create a Visa (NYSE: V) that converts multiple cryptocurrencies into fiat currencies. The other is the Singapore startup TenX which claims its Visa (or MasterCard) can convert up to eight altcoins into real money.
New Bitcoin, Ethereum, Dash Visa can be Used at 2.6 million ATMS worldwide
Shakepay might be a very valuable unicorn and a huge money maker because Visa cards were accepted at 2.6 million ATMs and supported by 16,600 financial institutions on December 31, 2016, data from Visa indicates. Visa was also accepted at 44 million businesses worldwide on September 30, 2016 making it the world’s popular card.
The next big frontier for Shake to cross will be to offer MasterCard and American Express products that convert altcoins to fiat currencies. Beyond that there is the possibility of issuing altcoin credit cards which will be a huge money maker.
Another logical advance will be to start converting other popular cryptocurrencies including NEO, Monero, PIVX, Litecoin, Ripple and Cloakcoin into fiat currencies. Expect to see cryptocurrency prices go up each time cards starting converting those altcoins.
Cards like Shake and TenX are the key to cryptocurrency’s future, because they will lead to mass acceptance; by making it possible for real people to buy real stuff in the real world with altcoins. If such instruments become widespread expect to see massive increases in the value of altcoins that they support. Especially in lesser currencies like Dash and Ethereum.