All Canadian customers of the Toronto-based fintech can now stake two crypto tokens—Solana and Ethereum—on its platform. Wealthsimple is the first company to gain approval from the country’s provincial regulators to offer the service. (The Logic)
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All Canadian customers of the Toronto-based fintech can now stake two crypto tokens—Solana and Ethereum—on its platform. Wealthsimple is the first company to gain approval from the country’s provincial regulators to offer the service. (The Logic)
Talking point: Ever since Ethereum implemented the Merge in September, Canada’s crypto sector has been eagerly awaiting word from regulators about how they view staking, in which crypto asset holders agree to lock up tokens for a period of time and participate in the network’s security and operations in exchange for rewards. At Toronto’s Elevate conference in September, Wealthsimple’s head of crypto Danish Ajmeri said it was one of the regulatory issues he’s hoping for clarity on. Now, we have it—Canada’s securities regulators are allowing Wealthsimple to offer staking subject to certain terms and conditions, such as using a third party as a validator and informing investors about certain risks. The company had previously offered staking to some customers as a closed pilot.
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