Investors who trade with the Wealthsimple investment app will soon be able to add Bitcoin and Ethereum to their trading portfolio. The company will roll out a new product in its app called Wealthsimple Crypto to support the two cryptocurrencies.
This online Investment Management Service based in Canada controls assets worth over $5 billion and renders service to more than 1 million investors. According to Finbold, a finance media outlet, Wealthsimple would officially announce the new product later this month. Existing Wealthsimple clients who wish to invest in the new product can join the waitlist.
Wealthsimple Crypto would be added to the former products, Wealthsimple Invest, Wealthsimple Cash, Wealthsimple Trade, and Simple Tax, on the platform’s trading app as the 5th financial product. Customers who opt to invest in Bitcoin and Ethereum will not need to install a new app.
Clients who invest in Wealthsimple Crypto can trade real cryptocurrencies instead of CFDs since Wealthsimple offers its clients underlying assets for stocks and not CFDs.
It is still unclear if WealthSimple trade would be available to all countries or restricted to only those in the United Kingdom, Canada, and the United States or just Canada.
Increased demand for cryptocurrencies
Cryptocurrencies are in high demand by investors, which is one reason investment platforms add support for these so clients can add them to their already stock-heavy portfolio.
One of such investment platform is SoFi, a San Francisco-based investment firm which announced in September that it would add cryptocurrencies like Bitcoin, Ethereum, and Litecoin in its upcoming trading platform as a result of “consistent users’ demand for the firm to offer cryptocurrency trading services,” Coinfomania reported.