Gemini Supports Wealthsimple’s Crypto Platform to Become Canada’s First Regulated Crypto Exchange

September 22, 2020 3:14 PM UTC

Canada’s first cryptocurrency exchange, Wealthsimple Crypto, launched its trading platform for the citizens today. As per the official statement, users from all 13 provinces of Canada will have the option to pursue the new offers and commence crypto assets trading, beginning from September 22.

Wealthsimple Crypto public launch comes soon after the firm got the administrative endorsement from Canadian securities regulators on August 7. Until this point in time, Wealthsimple Crypto is the main crypto platform that has been approved to work in Canada by the Canadian Securities Administration (CSA), said exchange’s representative.

Wealthsimple Crypto was accessible to users in the beta version, before the public launch. Traders were allowed to join a waitlist to be invited to use the platform. As per exchange’s representatives, more than 130,000 Canadians joined the waitlist so far.

Collaboration with Gemini Contributed to Become Regulated

According to the reports, crypto assets will not be stored in Wealthsimple’s own hot or cold wallets. The crypto custody service on Wealthsimple is presented by Gemini, the giant United States-based crypto exchange, says Blair Wiley, Wealthsimple’s general counsel.

The exchange executive recently said that attempting to offer such a large number of services can be an obstacle to turning into a completely crypto regulated platform. However, a joint effort with Gemini is one of the elements that added to Wealthsimple Crypto getting regulated in Canada. Wiley said:

“Probably the simplest explanation is that folks who came before us tried to do everything — buy and sell crypto for clients, operate an exchange, hold onto the crypto that clients buy […] And each one of those activities has its own long list of regulatory requirements. If one business tries to do all that, it makes getting regulatory approval a lot harder.”

 

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