Wealthsimple Crypto, the first regulated cryptocurrency exchange in Canada, launches its trading platform to the public today.
As of September 22, users in all 13 provinces and territories in Canada will be able to subscribe to the new product and start trading cryptocurrencies.
At launch, Wealthsimple Crypto will allow users to buy and sell Bitcoin (BTC) and Ether (ETH) through the platform’s mobile app. Deposits and withdrawals can only be made in Canadian dollars,
Wealthsimple Crypto’s public launch came shortly after the company received regulatory approval from Canadian stock regulators on August 7. So far, Wealthsimple Crypto is the only cryptoasset platform licensed to operate in Canada by the Canadian Securities Authority (CSA). Cointelegraph Representative.
Prior to the public launch, Wealthsimple Crypto was available in beta, allowing Canadians to join a waiting list to receive an invitation to use the platform. More than 130,000 Canadians have joined the waiting list so far, Wealthsimple said.
Wealthsimple will not have cryptocurrencies in its hot or cold wallets. Blair Wiley, General Counsel of Wealthsimple, says the security services for Wealthsimple’s cryptocurrency are provided by Gemini, a major US digital assets platform founded by Cameron Winklewos and Tyler Winklewos.
The Gemini partnership is one of the factors that helped regulate Wealthsimple Crypto in Canada, Wiley said. The CEO previously said that trying to offer too many services can be an obstacle to moving to a fully regulated stock exchange, and says:
“Perhaps the simplest explanation is that people before us tried to do everything – buy and sell cryptocurrencies to customers, manage exchanges, stick to cryptocurrencies that customers buy […] and each of these actions has a long list of legal requirements. All this is done by one company, which makes it difficult to get approved authority. ”
Wealthsimple is a Toronto-based Canadian online investment management service focusing on millennia. The company has announced plans to introduce cryptocurrency trading in July 2020.