Shakepay Unveils BLOC: A New Bitcoin-Backed Line of Credit for Canadian Crypto Holders

Quick Summary

Shakepay has launched BLOC, a Bitcoin-backed Line of Credit allowing Canadians to access liquidity without selling their assets. By using bitcoin as collateral, eligible users can fund business opportunities or expenses while maintaining their long-term investment positions in the digital currency ecosystem.

How Does the Bitcoin-backed Line of Credit Work for Canadians?

Shakepay solves the liquidity dilemma for long-term investors by allowing them to borrow against their holdings. The Bitcoin-backed Line of Credit (BLOC) enables users to access cash for large purchases or business ventures without triggering a taxable sale of their assets. This product is integrated directly into the Shakepay app, where users can monitor loan-to-value ratios and collateral requirements in real-time.

• Instant liquidity access without selling underlying bitcoin assets.
• Integrated dashboard for tracking credit limits and payments.
• Regulatory compliance through Shakepay Credit Inc., a FINTRAC-registered MSB.

What New Features is Shakepay Adding to its Ecosystem?

The launch of the Bitcoin-backed Line of Credit follows a series of product expansions aimed at utility. Shakepay recently introduced bitcoin savings accounts, offering a 5% promotional rate for Shakepay Blue customers. These updates reflect a shift toward becoming a full-service digital wealth platform for the 1.5 million Canadians currently using the service.

• $15 billion exchanged to date on the Shakepay platform.
• Weekly interest payments paid out directly in bitcoin.
• CIRO member status ensuring high standards of investment dealer oversight.

“Canadians who hold bitcoin shouldn’t have to choose between their long-term conviction and the short-term opportunities they want to pursue,” said Jean Amiouny, CEO of Shakepay. “You shouldn’t have to sell what you’ve worked to build to fund what comes next. BLOC gives eligible customers another option: access to liquidity while continuing to hold their bitcoin.”

FF NEWS TAKE:

Shakepay’s launch of a Bitcoin-backed Line of Credit is a significant move that bridges the gap between HODLing and daily financial utility. By providing regulated credit options, Shakepay is evolving from a simple exchange into a sophisticated neobank for crypto-natives. This move likely moves the needle for Canadian fintech by normalizing digital assets as legitimate collateral for traditional credit needs.