Wealthsimple Crypto Launches July 14 for Trading Bitcoin and Ethereum [u]

Wealthsimple plans to launch a cryptocurrency trading service called Wealthsimple Crypto on Tuesday, to offer trading of Bitcoin (BTC) and Ethereum (ETH).

“Wealthsimple Crypto is the simplest way to trade Bitcoin and Ethereum — and it’s almost here!”, explains the company in an email to existing customers.

The Crypto trading service will be accessible within the Wealthsimple Trade app. Wealthsimple says its crypto product will be offered by “Wealthsimple Digital Assets Inc, a virtual currency dealer money services business authorized by FINTRAC.”

Wealthsimple’s FAQ on its crypto product says its “Custodian, Gemini Inc, maintains a commercial criminal insurance policy in an aggregate amount of up to $200,000,000,” against the theft of cryptocurrency resulting from a security breach or hack, employee theft or fraudulent transaction.

Cryptocurrencies purchased are not covered by the Canadian Deposit Insurance Corporate (CDIC) or Canadian Investor Protection Fund (CIPF), so Wealthsimple encourages users to “keep your account safe and enable two-factor authentication if possible!”.

Users of the service will be able to buy and sell cryptocurrencies with a personal non-registered account.

You can sign up here to join the waitlist for Wealthsimple Crypto and move up the line if you refer friends and family. You can click here to sign up for Wealthsimple and get $10,000 in free managed investments.

Update: The launch will take place Tuesday, July 14, 2020. Not July 13 as earlier stated.

Disclosure: Wealthsimple is an affiliate partner of iPhoneinCanada.ca and this offer allows readers to support the site.