Wealthsimple Introduces Canada’s First Crypto Exchange Platform

Canada welcomes first crypto trading exchange platform Wealthsimple after CSA gave its approval in August. It allows trading of Bitcoin and Ethereum.

By · Sep 23, 2020 . 5min read

Crypto exchange Canada news
Photo by Evelina Makeeva on Unsplash

Canadian FinTech startup, Wealthsimple has launched its crypto platform. It offers users with commission-free trading of Bitcoin and Ethereum. According to an official announcement, Canadians can now purchase and trade stocks, bonds, ETFs, and cryptocurrencies in a fully regulated licensed environment. The exchange does not charge any withdrawal or deposit fees. Instead, the exchange imposes users’ trading fees. 

In August, the company obtained conditional approval from the Canadian Securities Administrators’ (CSA) through its Sandbox program to trial the platform for two years. Moreover, thirteen provinces and the federal government now regulate Wealthsimple Crypto. Additionally, it is the first crypto trading platform that has been regulated by CSA to function in Canada.

Wealthsimple crypto claims that 130,000 people joined the waitlist for the platform before its official launch. FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) authorized Wealthsimple Digital Assets will provide Wealthsimple Crypto. Additionally, Wealthsimple Digital Assets was registered in January. 

Gemini Trust Company to Offer Crypto Custody Service to Wealthsimple

According to the CSA, the cryptocurrency exchange Gemini will operate a custody account for Wealthsimple Crypto to hold clients’ cryptocurrencies. It is a cryptocurrency exchange and custodian controlled by the New York State Department of Financial Services. Wealthsimple states it will not hold any cryptocurrency assets in its own hot or cold wallets. Cameron Winklevoss and Tyler Winklevoss established Gemini. It is a digital asset platform. However, the twin brothers lately became famous for suing Facebook and founder, Mark Zukerberg over accusations that Zuckerberg stole code to create the social network.

The website states that the Canadian Investor Protection Fund or the Canadian Deposit Insurance Corp. does not protect any crypto assets purchased via Wealthsimple. It elucidates its plans to offer cryptocurrencies other than Bitcoin and Ethereum in the future. However, the company initially selected them as two of the highest market cap and more popular cryptocurrencies.

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