Wealthsimple Announces Cryptocurrency Trading
On July 13th, Wealthsimple announced that they will be allowing people on their platform to invest in Bitcoin and Ethereum. There are many questions about the details of investing in cryptocurrency with Wealthsimple. For example, will people be able to withdraw their cryptocurrencies into non-custodial wallets? Will users be given a bitcoin or Ethereum address? If users are given a unique Ethereum address, will Wealthsimple eventually add the ability to invest in ERC20 tokens?
A helpful resource for determining the list of features Wealthsimple will be enabling is the FAQ page. As shown on the FAQ page, Wealthsimple will be keeping things simple in terms of the diversity of crypto assets available on the platform. Right now, and for the foreseeable future, users will only be able to purchase Ethereum and Bitcoin. This is a massive simplification on the amount of tokens that Wealthsimple could offer. We have to hand it to Wealthsimple though for sticking to their guns. Opening up the ability to invest in alternative cryptocurrencies may complicate things, and disrupt their brand image.
What Does Wealthsimple Bring To The Table?
The biggest thing that Wealthsimple brings to the table is credibility. Cryptocurrency is notorious for offering so much, but delivering so little. Wealthsimple has gained a lot of traction with its user base by demystifying and uncomplicating a deep topic; Personal Finance. It is very easy to invest in stocks, as well as put money inside of your TFSA, and RRSP. Wealthsimple can make you feel like an investment pro, just by putting actions at your fingertips. Too often the cryptocurrency ecosystem is plagued by overzealous investment brokers promising massive gains. Wealthsimple does not promise crazy returns, or massive gains, it’s brand promise is to deliver simple financial services.
The Mainstream is Catching On
If you can’t beat them, join them. A number of large corporations with seemingly opposite business models have decided to put resources into creating cryptocurrency services. VISA is hiring Ethereum developers, PayPal is looking into selling cryptocurrency, and now Wealthsimple will be selling Bitcoin and Ethereum. These are three massive wins for the cryptocurrency community. Up until now, each win along the way has been a stepping stone to the widespread adoption of cryptocurrency. With the addition of ever more reputable companies like Wealthsimple, the wins are starting to seem more like bridges.