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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: / 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.

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