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Canada's Wealthsimple aims for real-world cryptocurrency use as it looks beyond trading

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TORONTO: Canadian online brokerage Wealthsimple wants to chart a future enabling the real-world use of cryptocurrencies rather than simply facilitating trading, but is likely to face unexpected costs and uncertain regulatory terrain along the way.Launched in 2014 as a stock-trading platform, Wealthsimple currently has C$15 billion (US$11.9 billion) in assets.

It added cryptocurrency trading in August 2020 with Bitcoin and Ethereum, and has since added more coins, hosted wallets and inward transfer capabilities, and has said it intends to enable withdrawals.Wealthsimple's first-mover advantage in crypto has helped it to break into a narrow slice of Canada's financial industry not dominated by the 'Big Six' banks."We understand that part of the appeal of this asset class (is) to use the asset, not simply invest in them or speculate on them, so we're going to support that," Wealthsimple's Chief Legal Officer Blair Wiley said in an interview. "We’re looking at ...

how we can become more nimble, more connected to public blockchains as a key strategic priority."He declined to provide a timeframe for achieving this, or the investment needed to expand the crypto capabilities of Wealthsimple, 43per cent owned by Power Corp of Canada.Cryptocurrencies' uses include as alternatives to fiat currencies; for funds transfers without intermediaries or transfer fees; and the use of smart contracts, which self-execute when stated terms are met.Companies from Tesla Inc to PayPal Holdings have started accepting them, but speculation and trading remains by far their most popular use.Wealthsimple would have an edge when they eventually offer real-world use as "they already have a captured market of people interested in trading," said Anne

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