Wealthsimple Crypto has become the 1st regulated virtual asset exchange in Canada subsequent to rolling out its trading platform to the public recently. The platform is powered by Winklevoss brothers-founded crypto exchange Gemini.
The platform allows clients in all the thirteen provinces and territories in Canada to sign up for the new product and begin trading digital currencies.
Cryptocurrency Purchase Using Canadian Fiat Dollars!
At the inauguration, Wealthsimple Crypto will permit users to purchase and trade Bitcoin and Ethereum (the top two cryptocurrencies by market cap) via the platform’s mobile app. Notably, the deposits and pull out will only be allowed in terms of Canadian dollars.
Apropos the development, Blair Wiley, Wealthsimple’s general counsel mentioned:
“Probably the simplest explanation is that folks who came before us tried to do everything — buy and sell crypto for clients, operate an exchange, hold onto the crypto that clients buy […] And each one of those activities has its own long list of regulatory requirements. If one business tries to do all that, it makes getting regulatory approval a lot harder.”
Wealthsimple is presently based in Toronto. It’s a Canadian online investment management service primarily focusing on millennials. The company declared its plans to offer digital asset trading in the month of July, this year.