Wealthsimple Crypto, the first regulated cryptocurrency exchange in Canada, is rolling out its trading platform to the public on September 22.
It has been reported that users in all 13 provinces and territories in Canada would be able to sign up for the new product and start trading cryptocurrencies, starting from the day it went LIVE.
However, at the launch, Wealthsimple Crypto will allow users to buy and sell Bitcoin (BTC) and Ether (ETH) through the platform’s mobile app, as deposits and withdrawals can only be made in Canadian dollars.
A representative said that the public launch of Wealthsimple Crypto comes shortly after the company received regulatory approval from Canadian securities regulators on August 7. To date, Wealthsimple Crypto is the only crypto asset platform that has been authorized to operate in Canada by the Canadian Securities Administration (CSA).
Before the public launch, Wealthsimple Crypto was available in beta, allowing Canadians to join a waitlist to be invited to use the platform.
According to Wealthsimple’s representatives, more than 130,000 Canadians joined the waitlist so far.
The report said that Wealthsimple will not hold any cryptocurrency assets in its own hot or cold wallets, as Blair Wiley, the General Counsel of Wealthsimple, said that the crypto custody service on Wealthsimple is provided by Gemini, a major United States-based digital asset platform founded by Cameron Winklevoss and Tyler Winklevoss.
Wiley said that collaboration with Gemini is one of the factors that contributed to Wealthsimple Crypto becoming regulated in Canada.
Previously, Wiley said that trying to offer too many services can be an impediment to becoming a fully regulated exchange.
“Probably the simplest explanation is that folks who came before us tried to do everything — buy and sell crypto for clients, operate an exchange, hold onto the crypto that clients buy […] And each one of those activities has its own long list of regulatory requirements. If one business tries to do all that, it makes getting regulatory approval a lot harder.”
Thus, Wealthsimple is a Canadian online investment management service focused on millennials, which announced its plans to offer crypto trading in July 2020.