WealthSimple recently announced that it will incorporate the cryptocurrency trading service as an extension of its platform
Welathsimple, a Canadian start-up investment service for the millennium generation, is launching a stock exchange called WealthSimple Crypto. The startup hopes to get its 200,000 existing customers to start using its new service – offering zero commission for the cryptocurrency trade.
For its planned closed beta tests and the next release, the platform will only support Bitcoin and Ethereum, possibly because they can offer zero commission, as their offer is so small.
New ways to buy WealthSimple tokens
On its page, the service promises zero commission fee, no minimum account and no deposit or withdrawal fee. This contrasts directly with some of the cryptocurrency services currently available, which charge investors a cryptocurrency transfer fee and a blockchain fee.
The company has not disclosed whether it will support other crypto assets in the future. If the cryptocurrency investment platform is successful, the platform may be open to accept more crypto.
Meanwhile, Ethereum and Bitcoin are good choices, as they have the two biggest market limits in the cryptocurrency market.
Addressing security concerns
The new WealthSimple platform will be an apparently good option for retail investors, but there are still some doubts about security and vulnerability in their system.
To address these concerns, WealthSimple has partnered with Gemini Custody to secure investors' cryptocurrencies. Gemini Custody is a qualified custodian of digital assets, which holds digital assets, in a secure offline facility. It is a highly regulated and experienced industry, and offers up to $ 200 million in insurance coverage.
“Crypto is already super popular and growing in popularity and credibility. And the reality in Canada is that there are not many options for buying and trading cryptocurrencies on a secure and protected platform, ”said Michael Katchen, CEO of WealthSimple in a recent interview.
One step at a time
Since 2017, interest in cryptocurrencies has declined as potential investors have lost faith in the cryptocurrency. There have also been efforts by the US government to cut prices.
With the new options that WealthSimple is providing, especially targeted at millennials, there may be a new wave of young cryptocurrency investors entering the market. Unlike many of the existing Bitcoin futures contracts, this new platform appears to be directly connected to the cryptocurrency markets.