WealthSimple, the Canadian automated investment service provider, is set to introduce a new cryptocurrency trading experience for its nearly 200,000 clients in the coming weeks.
Supported Cryptocurrencies
The upcoming service, named "WealthSimple Crypto", will allow users to trade cryptocurrencies through dedicated accounts within the WealthSimple Trade app. Initially, the platform will support only two digital assets:
- Bitcoin (BTC)
- Ethereum (ETH)
These selections align with their status as the most widely recognized and adopted cryptocurrencies. While expansion plans remain unconfirmed, future additions may follow Gemini Custody’s supported assets.
Security Through Gemini Custody
WealthSimple has partnered with Gemini Custody, a highly regulated and insured custody solution by the Winklevoss twins, to safeguard clients' digital assets. Key benefits include:
- $200 million insurance coverage
- Compliance with stringent regulatory standards
- Trusted by platforms like BlockFi and Samsung Blockchain
This collaboration ensures robust security for WealthSimple Crypto users.
Aligning with Forward-Thinking Investors
Known for its automated long-term investment services, WealthSimple is diversifying its offerings to cater to tech-savvy audiences. Features like socially responsible investing (SRI) and Halal-compliant portfolios demonstrate its commitment to values-driven finance—a natural fit for Bitcoin’s decentralized ethos.
Broader Industry Adoption
WealthSimple’s entry into crypto trading signals accelerating mainstream acceptance. Similar to the rise of robo-advisors, cryptocurrencies are transitioning from niche assets to established investment options.
As a reputable financial service provider, WealthSimple lends credibility to crypto, potentially boosting adoption among cautious investors.
WealthSimple’s Expanding Ecosystem
Beyond crypto, WealthSimple offers a suite of financial tools:
| Service | Description |
|---|---|
| Invest | Automated portfolios tailored to goals |
| Cash | Fee-free savings account with spending tools |
| Trade | Commission-free stock/ETF trading |
About WealthSimple
- Founded: 2014 (Toronto, Canada)
- Clients: ~200,000
- AUM: $5 billion
- CEO: Michael Katchen
FAQs
Q: Which cryptocurrencies does WealthSimple support?
A: Initially, only Bitcoin (BTC) and Ethereum (ETH).
Q: Is crypto trading available internationally?
A: Currently, WealthSimple Crypto is limited to Canadian residents.
Q: How secure is WealthSimple Crypto?
A: Funds are held via Gemini Custody, which offers $200 million insurance and regulatory compliance.