Wealthsimple to enter crypto space

Toronto-based Wealthsimple Inc. is getting set to launch a cryptocurrency trading platform.

Wealthsimple Crypto will offer commission-free trading of Bitcoin and Ethereum through a mobile trading app.

The platform will operate through Wealthsimple Digital Assets Inc., a newly formed virtual currency dealer money services business. The dealer is authorized by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

“There is a significant amount of interest around cryptocurrency in Canada but there are a lot of barriers to safely buy and sell these assets on a Canadian platform,” said Michael Katchen, co-founder and CEO of Wealthsimple, in a news release. “With Wealthsimple Crypto, we saw an opportunity to do what we do best — remove those barriers by giving Canadians access to an affordable, easy and secure crypto product that is built for everyone.”

Individuals who use Wealthsimple Crypto will trade Bitcoin and Ethereum via a global liquidity pool designed to ensures users have access to low prices.

Crypto assets on the platform will be kept with New York-based Gemini Trust Company LLC, a cryptocurrency custodian.

Wealthsimple Crypto is currently in beta testing. Interested investors can sign up now for a waitlist to join the platform in the coming weeks.

Wealthsimple Digital Assets is currently working with the Ontario Securities Commission and will engage with other securities regulators on a sandbox solution for offering Wealthsimple Crypto to investors in Canada.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.