Canadian crypto industry has just seen major development, as the country received its first fully regulated cryptocurrency exchange. The platform, known as Wealthsimple Crypto, is powered by Gemini, the US-based crypto exchange founded by the Winklevoss twins.
First regulated exchange in Canada
Canada’s first regulated cryptocurrency exchange went public yesterday, September 22nd, and it will service all 13 provinces and territories of the country. Initially, the platform allowed users to buy and sell two of the largest cryptos by market cap — Bitcoin and Ethereum, by using the platform’s mobile app.
The exchange also supports fiat, although, for the time being, that only includes Canadian dollars.
However, the most important aspect of the exchange is the fact that it has received regulatory approval from the country’s security regulators. The approval came on August 7th, and it marked the first time that a crypto-related platform got authorization from the CSA (Canadian Securities Administration).
Details about the exchange
The platform has been working for a while now, as it was available in beta before the official, public launch. Interested Canadians had the ability to join a waitlist, and wait for an invitation to start using Wealthsimple Crypto.
Many chose to do just that, and the exchange noted that over 130,000 individuals had joined by the time the exchange was launched.
Another thing worth noting is that the exchange doesn’t plan to hold any of the assets in its hot or cold wallets. Instead, Gemini will be the one who will provide custody services.
Wealthsimple’s general counsel, Blair Wiley, noted that the collaboration with Gemini has major importance for the platform. In fact, this is one of the factors that led to the exchange becoming regulated in the first place. Wiley also noted that exchanges that try to do everything themselves did not bode well in the past, and that offering too many services might actually be an obstacle, rather than an advantage.
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