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Wealthsimple Crypto, Canada’s first regulated crypto exchange goes live

Wealthsimple Crypto, Canada’s first regulated crypto exchange goes live

Canadian financial services company Wealthsimple has officially launched the Wealthsimple Crypto product. Clients will access the product through the normal Wealthsimple Trade app.

Wealthsimple Crypto enables clients to add Bitcoin and Ethereum into their investment portfolios. The new feature will be available for clients in Canada before being rolled out in the United States and the United Kingdom. 

Wealthsimple is an established Canadian online investment management service that manages $5 billion worth of assets and over 1 million clients.  The platform mainly targets millennials and the entrance into cryptocurrencies comes following the success of Bitcoin and Ethereum markets.

According to Wealthsimple, there is a growing opportunity in the crypto sector and the new product seeks to remove barriers by giving Canadians access to affordable, easy, and secure crypto products. 

Wealthsimple had earlier announced that the crypto product will offer commission-free trading for the two assets. The Wealthsimple crypto website states that the platform offers a quick sign-up process, no account minimums, no commission fees, and no fees to deposit or withdraw. At the time of the announcement, the startup had already launched Wealthsimple Crypto in private beta.

Wealthsimple Crypto becomes the 5th financial product under Wealthsimple’s financial products after Wealhsimple Invest, Wealthsimple Cash, Wealthsimple Trade, and Simple Tax. The underlying Wealthsimple Trade enables users to buy stocks, rather than CFD

Wealthsimple is among platforms that have navigated Canada’s unclear cryptocurrency regulation to launch the product. 

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Jeremy Wilson
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Jeremy is a content crafter and has experience in writing about finances and digital assets for over 5 years. At Finbold.com he covers news related to finance, regulations, startups and cybersecurity on a daily basis.