Briefing

Wealthsimple launching cryptocurrency trading for Bitcoin and Ethereum

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The fintech will offer commission-free trading via a mobile app in the coming weeks, and plans to offer the trading of other cryptocurrencies. (The Logic)

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Talking point: Wealthsimple is entering a crowded space that includes Binance, Coinbase and Gemini. The last firm, which has $200 million in cold storage insurance, will act as a custodian for Wealthsimple’s crypto assets. This cryptocurrency division is one of several the company is forming via partnerships. In August 2019, the firm announced a partnership with wealth management firm Grayhawk Investments. In January, it launched chequing accounts with 2.4 per cent interest in a partnership with two of the Big Six banks. Whether partnerships are a path for growth for Wealthsimple remains to be seen. There is, however, initial interest in the crypto platform: over 44,000 people have signed up for a waitlist so far.