Shakepay, a Canadian-based bitcoin platform, today announced it has added additional safeguards for its customers through a 3rd-party proof of reserves and security report with CipherBlade, as well as a 1-to-1 cold wallet insurance policy through Aon.
The Shakepay platform offers customers the freedom to move their funds off of the platform and into a personal wallet immediately without the worry of hefty fees or vulnerability to security breaches or hacks.
“It’s important that our customers have full transparency into our operations and understand how their funds are being handled. While we actively encourage our customers to store their digital currencies in wallets they control, we want to provide Canadians joining the Bitcoin ecosystem with peace of mind when learning about Bitcoin.”
– Jean Amiouny, CEO of Shakepay
Shakepay has a specie insurance policy placed by the registered broker, Aon, which is underwritten by insurers at the world’s leading insurance market, Lloyd’s of London.
Unlike many insurance policies used by other crypto platforms that only cover a fraction of customer funds in case of theft or loss, the policy taken out by Shakepay provides coverage on 100% of the funds stored in Shakepay’s cold storage. Shakepay intends to continue increasing its coverage as required.
This insurance policy comes in tandem with the results of a review by CipherBlade, a blockchain investigation agency. In July, Shakepay engaged CipherBlade to provide the community with a “Proof of Reserves” via a third-party security review.
CipherBlade verified all fiat and digital currency balances, scrutinized transaction processes and procedures, evaluated security measures to protect hot and cold wallets as well as background checks on all employees. The full report containing the public third-party review can be found here.
“By enhancing the security of its operations, Shakepay has taken the necessary steps to prevent security breaches or breaches of customer funds, but just as importantly, it demonstrates their commitment to being completely transparent with their customers, financial partners, and regulators. We anticipate this approach to become an industry standard in the coming years.”
– Paul Sibenik, Lead Case Manager at CipherBlade