Wealthsimple, a Canadian found online investment management service that manages over $5 billion in assets and has over 1 million clients, is adding Bitcoin and Ethereum trading to its Wealthsimple Trade app, according to the information shared with Finbold.com
The new product called Wealthsimple Crypto will allow existing Wealthsimple clients to add Bitcoin and Ethereum into their investment portfolios. The Wealthsimple Crypto will be part of the Wealthsimple Trade app, which means that customers won’t be required to install a new app to invest in Bitcoin or Ethereum.
It’s worth noting that Wealthsimple Trade allows it’s customers to buy underlying assets when it comes to stocks, rather than CFD; hence there is no reason to believe that crypto won’t be the same.
At the time of writing, existing Wealthsimple trade clients can join the waitlist. The official announcement of the Wealthsimple Crypto should be made later today, on the 14th of July.
Wealthsimple expanding into cryptocurrencies was only logical, keeping in mind that Wealthsimple is primarily focused on millennials. This is, of course, another success for Bitcoin and Ethereum markets as more retail investors will be able to hedge their existing stock focussed portfolios with the top two digital assets.
It’s not clear whether Wealthsimple Trade will be only available in Canada or in all three countries, Canada, the United States and the United Kingdom in which Wealthsimple operates.
Wealthsimple Crypto is the 5th financial product under Wealthsimple’s financial product umbrella. It will be an excellent addition to Wealhsimple Invest, Wealthsimple Cash, Wealthsimple Trade and Simple Tax.