• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Changelly
  • Price table

Crypto News PRO

From the world all news

  • Home
  • News

Wealthsimple, Robinhood of the North, Jumps Into Canada’s Crypto Sandbox

Written by:
Aeon Flux
Published on:
13 August 2020
Thoughts:
No comments yet

Aug 12, 2020 at 18:53 UTCUpdated Aug 12, 2020 at 19:03 UTC

https://images.ctfassets.net/v44fuld738we/4QSPBguvMOZAo81Cs2dA3o/751beb44c67275464dea398ecc192279/Supreme-Billboard-Comp.jpg?fit=fill&w=1300&h=1300&q=80&fm=webp

Wealthsimple caters to millennial investors with the same zeal as its southern peer. (Wealthsimple)

Wealthsimple, a Canadian investing app courting the country’s day-trading millennials, is checking off regulatory boxes ahead of its cryptocurrency trading debut. 

  • The Toronto-based firm’s “Wealthsimple Crypto” bitcoin and ether service is the newest member of the CSA Regulatory Sandbox. It secured approval and two years of filing exemptions from provincial regulator the Ontario Securities Commission (OSC) on Aug. 7.
  • “For the first time, Canadians will be able to use a crypto platform that’s carefully overseen by regulators,” Wealthsimple General Counsel Blair Wiley told CoinDesk, saying this oversight and transparency will provide investor protections.
  • Those protections are only made possible by certain caveats, pledges and partnerships – all illustrated in the OSC’s Aug. 7 decision.
  • For example, Wealthsimple, a Canadian peer of U.S.-based Robinhood, will restrict crypto deposits (no outside crypto comes in) and withdrawals (no inside crypto flows out) much like its southern counterpart.
  • Keeping clients’ crypto in a “‘closed loop’ system” will tamp down on fraud, money laundering and faulty wallet transfers, even if it does introduce credit risk, Wealthsimple told OSC.
  • Wealthsimple is farming out custodial duties to U.S.-based Gemini Trust, whose $200 million crypto asset insurance policy and U.S. licensures “benefit” the firm more than Canadian custodians could, Wealthsimple said.
  • Wealthsimple Crypto is still in the pre-beta phase. 

Read more about…

CanadaApplicationsRegulationCryptoCoinFlash

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Categories: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search in the news

Translate:

Earn up to 5% every 10 days with Aeon Flux Coins

Categories

  • Bitcoin (1,457)
  • Ethereum (912)
  • News (2,594)

Recent Posts

  • 5 Reasons Bitcoin Popularity Continues To Soar In Nigeria 26 February 2021
  • Initial Coin Offering (ICO): Everything You Need To Know! 26 February 2021
  • Bitcoin Mixer(Blender) Review: How to Use the Blockchain Anonymously 26 February 2021
  • What are NFTs and Why Do People Care? 26 February 2021
  • Fintech and its Evolution in Africa 26 February 2021

Archives

  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020

© 2015-2020 Crypto News PRO
All Rights Reserved. Powered by IWG Agenzia Web