Bitcoin platform Shakepay introduces “Proof of Reserves” report and cold wallet insurance
Shakepay, a Canadian-based bitcoin platform, today announced it has added additional safeguards for its customers through a third-party proof of reserves and security report with CipherBlade, as well as a 1-to-1 cold wallet insurance policy through Aon. In order to build more trust in the Bitcoin industry for Canadians, Shakepay has taken necessary proactive measures to increase trust through a public third-party review and one of the most stringent insurance policies available on the market; a rarity for this industry.
Shakepay gives 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. With both insurance and regular security reviews, Shakepay has proven itself a leader for self-sovereignty and self-custody, providing the safeguards and tools necessary to enable customers to control their funds on their own terms.
Jean Amiouny, CEO of Shakepay said, “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.”
Shakepay has a specie insurance policy placed by the registered broker, Aon, which is underwritten by certain insurers at the world’s leading insurance market, Lloyd’s of London. Unlike many insurance policies used by digital currency 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 to 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,” added Paul Sibenik, Lead Case Manager at CipherBlade.
“We pride ourselves on the strong procedures we have in place that help set the standards for transparency and security in this space, and we ultimately encourage Canadian Bitcoin stakeholders to follow suit,” added Amiouny.
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