Robo-advisor trumpets easy-to-use, transparent and safe product, which is now open to investors
Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Wealthsimple Crypto launches after 130,000 signed up to waitlist
Robo-advisor trumpets easy-to-use, transparent and safe product, which is now open to investors
Weathsimple Crypto went live yesterday, with more than 130,000 Canadians having signed on to the waitlist since the product was announced last month.
The digital platform is offering commission-free trading of the two largest cryptocurrencies, Bitcoin and Ethereum, through a mobile trading app. The robo-advisor believes it will make a largely complex and inaccessible asset class more inclusive and easy to use. There is no minimum account size, no charges for deposits or withdrawals, and no extra hidden costs.
Wealthsimple CEO Mike Katchen told WP that its primary arim is to be simple and accessible.
He said: “You don’t need to be an expert in cryptocurrency or blockchain to use this platform. It’s geared toward people who are interested in learning more or dipping their toes into crypto trading. The other big one is that the pricing is transparent. The price you see when you tap buy is what you pay — no extra hidden costs. There’s no minimum account size, and we don’t charge for deposits or withdrawals.
Watch FFCON20 Video:
Wealthsimple's Road to Regulatory Crypto Approval and What it Means for Fintechs (Blair Wiley, Head of Regulatory Affairs)
“Our platform is also not limited to Canadian exchanges. In Canada, trading volume of crypto is relatively low. That’s why we’ve also worked with a global partner that consolidates the liquidity of multiple exchanges around the world, so our clients have access to lower prices.”
He added there has been a lot of demand and excitement around the product, and that anyone can now sign up and trade. The platform is Canada’s first regulated crypto trading platform, offers real-time quotes, is available on iOS and Android and has the cryptocurrency custodied at Gemini Trust Company LLC.
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