- >Wealthsimple Opens Crypto Trading in Canada
Wealthsimple Opens Crypto Trading in Canada
This is major news for the adoption of cryptocurrency in Canada. Wealthsimple is one of the largest online investment companies in Canada. In total, Wealthsimple holds over $5 billion dollars in assets. Now, they’ve decided to enter into the world of cryptocurrency. Just 3 months ago, Wealthsimple announced that they are building their own crypto trading service. This gives their already 175k users the ability to invest in cryptocurrencies such as Bitcoin and Ethereum. Wealthsimple recently announced the official launch of their crypto trading service. Many users have already taken the first step into the world of cryptocurrency through Wealthsimple.
Keegan Francis | Nov 20, 2020
Wealthsimple Targets Millennials
The business model of Wealthsimple seems to incorporate a strong emphasis on targeting millennials. This is exactly the demographic that should be targeted by anyone selling cryptocurrency. There is a very noticeable difference between the way that the younger generation conceptualize cryptocurrencies. People that have grown up immersed in the digital world have little to no difficulty with the idea of internet money. Cryptocurrencies carry with them the inherent notion that they are risky investments. Younger people are in a better position to take a long term risk. They would have more time to revolver in the event that the risk did not pay off.
Wealthsimple Brings Opportunity to its Users
What Wealthsimple has done with their application thus far is quite remarkable. The company is only 6 years old, having been established in 2014. Since then, they have become one of the world largest, most valuable FinTech companies. Their business model is to take as much complexity out of investing as they possibly can. It’s actually very admirable that they’ve taken on the challenge of decomplifying cryptocurrencies. Crypto is a notoriously complex subject rife with misinformation. A reason why the news of Wealthsimple getting into cryptocurrencies is big because of the already established trust factor. Much of the time, the thing that stops people from getting into cryptocurrencies is a lack of trust. Exchanges must first establish trust with the users before they will ever consider sending money to purchase bitcoin.
Wealthsimple has given their 175k customers the option to purchase cryptocurrencies as a part of their portfolio. If you’ve never used Wealthsimple, much of the process of selecting stocks that work for you is automated. That means that the decision of adding bitcoin to your portfolio may come down to a simple yes or no question as a part of their onboarding process. When the decision becomes this easy, then talking about the inevitable adoption of cryptocurrencies doesn’t seem all that crazy. Wealthsimple is putting the opportunity of cryptocurrency right in front of their users.
Open the Canadian Floodgates
One of the things that Wealthsimple tends to do is educate in the process. Cryptovantage believes that the primary barrier to the adoption of cryptocurrencies is education. The more people that get exposed to the benefits of cryptocurrency the better. Once people understand what cryptocurrencies have to offer as an investment or money, they tend to take the next steps. Wealthsimple is doing two things; Guiding more people to the door, and helping more people walk through it.