Copy link
Increase text size
Decrease text size
Link copied

Wealthsimple about to launch app-based cryptocurrency trading service

Canadians will soon be able to trade in BTC and ETH using Wealthsimple Crypto.

Image by: QuoteInspector.com / Flickr

Fri, 17 Jul 2020, 02:47 am UTC

Canadian firm Wealthsimple is getting ready to enter into the cryptocurrency business. The millennial-focused is testing out a new feature that will let its Canadian clients buy and sell digital currencies.

Wealthsimple Crypto, the firm’s mobile trading app, is currently in private beta with plans to roll out the new service in the coming weeks, according to Yahoo Finance. The company announced that the new feature will “make a largely complex and inaccessible asset class inclusive and easy to use for Canadians.”

As explained by Wealthsimple co-founder and CEO Michael Katchen, there’s interest among Canadians to invest in digital currencies. “There’s a significant amount of interest around cryptocurrency in Canada, but there are a lot of barriers to safely buy and sell these assets on a Canadian platform,” Katchen said in a press release.

The aim of the financial services firm is to make cryptocurrency trading easier. “With Wealthsimple Crypto, we saw an opportunity to do what we do best - remove those barriers by giving Canadians access to an affordable, easy, and secure crypto product that is built for everyone,” he added.

The service will be commission-free upon launch so clients can make unlimited cryptocurrency trades without worrying about fees. The system will also provide real-time price quotes to its users but the system also supports Canadian dollars when making deposits or withdrawals.

The system only allows trading in BTC and ETH at the moment but there are plans to add more tokens into the mix. “As you may have noticed, we like keeping things simple,” Wealthsimple said on its website. “That’s why we’re starting out by offering Bitcoin and Ethereum. They’re two of the highest market cap and most popular cryptocurrencies. We do plan to offer more in the future — stay tuned.”

However, there are those who believe that cryptocurrency is not a good asset class for long-term investments. “Perhaps that’s a successful move, although, I guess it’s relatively short-lived,” Cambridge Global Payments chief market strategist Karl Schamotta said. “It might provide revenue for a little while, but ultimately, this does not look like a recipe for long-term investment.”

Schamotta, who likened cryptocurrencies to collectibles, expressed his preference for stocks for long term investments. “If you buy a collectible, you’re hoping the value goes up over time, in the sense that other people buy it not necessarily because it itself has any intrinsic value,” he said. “This makes it different from when you buy a company’s shares or if you buy gold. These things have intrinsic value.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.07.20 10:50:58
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more info....contact me on whatsapp :+12067425358 happy new year to you all ............................................................................................................................................
  • 0
  • ·
  • 0
  • techinc
  • 2020.07.19 00:12:40
are you fed up with bad experiences in trading? you can contact this pro trader/broker for successful tips & guidelines on trading and investments to get tremendous results, reach her on her mail "amylui940 @ gmail com" .. you can thank me later
  • 0
  • ·
  • 0
  • Alfredgraham
  • 2020.07.18 11:42:27
A fraudulent broker almost made away with my money but the recovery agent Mr Bart kasch tracked and got it back like he said he would. He is the best i have ever worked with and thanks to him i have my $80600 back in my account, you can reach him at [email protected] if you need help
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $10,701.20 (-1.78%)
  • Ethereum (ETH) $352.43 (-1.70%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $225.59 (-1.70%)
  • Binance Coin (BNB) $27.27 (+2.90%)
  • Bitcoin (BTC) $10,701.20 (-1.78%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft