Crypto

Wealthsimple Launches 14 New Coins On Its Cryptocurrency Trading Platform

Toronto-based fintech company Wealthsimple has launched 14 new tokens and cryptocurrencies that are now available to buy and sell on the company’s trading platform.

Wealthsimple Crypto previously allowed users to buy and sell Bitcoin and Ethereum commission-free. The company added peer-to-peer cryptocurrencies and DeFi protocol tokens this week. Some of the newer coins include Dogecoin, Litecoin, Chainlink, and Uniswap.

Wealthsimple first announced its intention to go into cryptocurrency in July 2020 and officially launched its cryptocurrency offering two months later.

“Wealthsimple launched its Wealthsimple Crypto platform last year. It was the first and only regulated crypto exchange in Canada, ”the company wrote on its blog. “The idea was simple: you should be able to buy and sell bitcoin and ethereum with the same confidence … you buy and sell shares on Wealthsimple Trade. Since then, the cryptocurrency has grown by leaps and bounds. And now we decided to develop something that Wealthsimple Crypto can also do. “

The company said that some of the recently released coins are in high demand among the platform’s users. Dogecoin, one of the new coins, has skyrocketed in popularity this year, thanks in part to tech billionaire Elon Musk. In May, space company Musk SpaceX announced a flight to the moon that is expected to be fully funded by Dogecoin.

Litecoin, Uniswap, and Chainlink are also some of the most popular cryptocurrencies to trade. Chainlink and Uniswap are built on the Ethereum blockchain, while Litecoin is a proprietary asset that once coexisted on the same blockchain as Bitcoin.

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Wealthsimple first announced its intention to go into cryptocurrency in July 2020 and officially launched its cryptocurrency offering two months later. In August, the company received conditional approval from Canadian Securities Administrators (CSA) through its Sandbox program to test the platform for two years.

Wealthsimple Crypto is regulated by 13 provinces and the federal government. The crypto trading platform was the first regulated in Canada and also the only crypto asset platform to receive a CSA license to operate in Canada at the time. All platform assets are frozen in a cold warehouse with Gemini, Wealthsimple’s custodian partner.

In May, Wealthsimple raised a $ 750 million round of funding in an after-currency valuation of C $ 5 billion. Since then, Wealthsimple has expanded into other areas of the business.

Last month, the company launched its NEO Shariah-compliant fund, which was created to provide investors with access to a diversified index of Shariah-compliant stocks.

In a blog post, Wealthsimple announced that it plans to release new features for Wealthsimple Crypto in the coming months and plans to add more coins that meet its standards soon.

Image source Wealthsimple.

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