The first managed exchange of cryptocurrencies in Canada, Wealthsimple Crypt, is today unveiling their trading site for the public.
From September 22, users will be able to register with and start investing in cryptocurrencies across all 13 provinces and territories throughout Canada.
Wealthsimple Crypto will launch a smartphone app that enables users to purchase and sell Bitcoin (BTC) and Ether ( ETH). Deposits will be accepted in the form of Canadian dollars only,
Wealthsimple Crypto’s market launch comes shortly after Canadian securities regulators obtained regulatory clearance on August 7. Wealthsimple Crypto, the only asset crypto platform approved in Canada by the CSA, a spokesperson told Kryptographe.com, is the largest platform in the world.
Wealthsimple Crypto was released in beta before its official rollout so that Canadians could establish a waitlist to access the app. More than 130,000 Canadians have reached the waitlist so far, according to Wealthsimple members.
In its cold or warm wallets, Wealthsimple does not carry cryptocurrency properties. Blair Wiley, general counsel of Wealthsimple, says Gemini, a leading digital asset company founded by Cameron Winklevoss and Tyler Winklevoss, provides a crypto-custody program for the Wealthsimple scheme.
In Wiley’s view, cooperation with Gemini is one of the reasons leading to the control of Wealthsimple Crypto in Canada. The exec said previously that it might hinder an entirely regulated exchange from selling so many services and:
Perhaps the most simplistic reason is that people who come before us wanted to do everything — buy and sell crypt to consumers, share information, hold on to the crypto that customers bought. Each of these things has a long list of regulatory requirements. When one corporation does this, it makes it even harder to get regulatory approval.
Wealthsimple, headquartered in Toronto, is a Canadian millennial online wealth management service. In July 2020, the company revealed plans to sell crypto commerce.
The overall capitalization of cryptocurrencies is currently over $210 trillion in CAD; the Bitcoin is the best-established asset. The Rivemont Crypto Fund, Canada’s first successful cryptocurrency investment, will invest mainly in leading cryptocurrencies, including Bitcoin and Ethereum. They can also invest in different new altcoins that are built on solid foundations and can buy into ICOs.
The Fund is mainly a streamlined tool for investing in the dynamic global market for cryptocurrencies, thus benefiting from the insights of experienced business analysts. As the Internet bubble was in the 1990s, cryptocurrencies could be a generation opportunity. This groundbreaking technology remains in its infancy to be applied and accepted.
Wealthsimple is a well-established online fund advisory provider that is licensed as a Fund Manager and a full-service Securities dealer in Canada by its independent affiliates. In the application to the CSA Regulatory Sandbox, WDA, the wholly-owned subsidiary of the Wealthsimple Company, obtained an exception to some prospectus provisions and exemptions from the filing of financial statements and trading data provisions on derivatives.
Subcept under some provisions laid down in the decision, Therelief was issued on a time-limited basis including:
The decision demands that WDA be registered as a restricted distributor as it moves the digital asset portal to its fully registered investor affiliate and begins operations in a beta-testing environment. The decision also provides WDA with a transitional framework portal “closed loop” to enable WDA customers to join.