Previously, WealthSimple crypto exchange existed in private beta with a user waitlist. Today its digital exchange platform will be open to public.
Toronto-based FinTech startup WealthSimple, a cryptocurrency exchange, has launched its digital exchange platform to the public today. At the launch, WealthSimple Crypto will allow users to buy and sell Bitcoin (BTC), Ether (ETH) and other digital assets through the platforms mobile app. Notably, the deposits and withdrawals will only be made in Canadian dollars.
Previously, WealthSimple crypto exchange existed in private beta with a user waitlist. Some of the notable features that the company is using to place its services on top of other competitors are zero commission fees, zero deposit and withdraw fee, and no account minimum. In addition, the cryptocurrency exchange is coming into the market being fully regulated by respective Canadian regulators. WealthSimple is working closely with Gemini Trust Company LLC, whereby the latter is holding coins for the former.
WealthSimple and Crypto Industry
The startup first announced plans to expand into crypto trading in July 2020. However, not until in August that the company received conditional approval from the Canadian Securities Administrators (CSA) through its Sandbox program to test the platform for a period of two years.
Currently, WealthSimple is the only cryptocurrency exchange that has been authorized by the CSA to operate in Canada. This puts Canada a step ahead in the crypto adoption and also regulations. There are high possibilities that more crypto exchanges will follow WealthSimple in the near future.
According to Blair Wiley, WealthSimples general counsel, due to the wide scope of the market, companies are finding it challenging to be regulated by different jurisdictions. He said during an interview, when asked why no other companies had been regulated in Canada:
The How come no one else has done this? is a tough question. 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 (w ...