Wealthsimple Responds to Robinhood Canada Void, Lists Shiba Inu (SHIB)

Canadians have been eagerly awaiting the arrival of Robinhood, the popular commission-free trading platform. But while Robinhood’s Canadian launch remains on hold, Wealthsimple, a homegrown platform, is stepping up to meet the demand. In a move that’s sure to excite crypto enthusiasts, Wealthsimple has officially listed Shiba Inu (SHIB), making the popular meme coin accessible to its 1.5 million users.

Why is Shiba Inu on Wealthsimple a Big Deal?

For those in the know, Shiba Inu’s listing on Wealthsimple is more than just adding another cryptocurrency to the roster. It’s a significant nod to the growing appetite for diverse crypto assets in Canada and a strategic move by Wealthsimple to solidify its position in the Canadian crypto market. Let’s break down why this is noteworthy:

• Filling the Robinhood Gap: Canada has been without Robinhood, a platform famed for its commission-free trading and access to a wide range of assets, including crypto. Wealthsimple, with its own commission-free trading platform, is increasingly becoming the go-to alternative for Canadians. Listing SHIB, a coin often associated with the kind of buzz and community found on platforms like Robinhood, directly caters to this audience.
• Expanding Crypto Access in Canada: Wealthsimple has been progressively expanding its crypto offerings. Starting with Bitcoin and Ether in June 2020 with the launch of Wealthsimple Crypto, they’ve steadily added more coins. In June 2021, after getting the green light from the Ontario Securities Commission (OSC), they significantly broadened their selection to include 14 new cryptocurrencies like Solana (SOL), Cardano (ADA), and Dogecoin (DOGE). The addition of Shiba Inu is a continuation of this expansion, offering Canadians more choices within a regulated Canadian platform.
• Responding to Community Demand: The crypto community is vocal, and the ‘Shiba Army’ is particularly passionate. Globally, over 519,000 signatures have been gathered on a petition urging Robinhood to list Shiba Inu. Wealthsimple listing SHIB can be seen as listening to this widespread community demand, even if indirectly through the Robinhood petition’s momentum.

Wealthsimple Crypto: A Quick Overview

For those new to Wealthsimple Crypto, here are some key points to understand:

• Launch in June 2020: Wealthsimple ventured into the crypto world with the launch of Wealthsimple Crypto, allowing users to buy, sell, and trade cryptocurrencies directly within the platform.
• Gradual Expansion: Initially, the platform offered only Bitcoin (BTC) and Ether (ETH). However, it has since expanded significantly, now boasting a diverse range of cryptocurrencies.
• Regulatory Approval: Wealthsimple obtained approval from the Ontario Securities Commission (OSC) in June 2021, paving the way for listing a wider variety of crypto assets. This regulatory compliance is a significant factor for Canadian investors seeking secure and regulated platforms.
• Platform-Specific Trading: It’s important to note that Wealthsimple Crypto operates within its own ecosystem. Users can buy, sell, and trade cryptocurrencies on the platform, but direct withdrawals or deposits of crypto to external wallets are not supported. This is a key difference compared to some other crypto exchanges.
• Crypto ETFs and Retirement Plans: Wealthsimple has further integrated crypto into its offerings by adding crypto ETFs to its retirement plans. This demonstrates a growing acceptance and integration of digital assets within traditional investment frameworks.

What Does Wealthsimple Say About Shiba Inu?

Wealthsimple officially announced the Shiba Inu listing on their social media channels, emphasizing the importance of research before trading. Their tweet stated:

“It’s official: $SHIB has joined $SOL, $ADA, $DOGE and more on Wealthsimple Crypto…”
“As always, remember to research before trading.” — Wealthsimple (@Wealthsimple) November 4, 2021

This message underscores a crucial aspect of crypto investing – due diligence. While the excitement around meme coins like Shiba Inu is undeniable, responsible investing always involves thorough research and understanding of the asset’s risks and potential.

Looking Ahead: Crypto in Canada and Wealthsimple’s Role

Wealthsimple’s listing of Shiba Inu is a clear indicator of the evolving crypto landscape in Canada. As demand for diverse crypto assets grows, platforms like Wealthsimple are adapting and expanding their offerings. While Robinhood’s future in Canada remains uncertain, Wealthsimple is effectively capitalizing on the opportunity, providing Canadians with a regulated and accessible gateway to the crypto market. The addition of SHIB is not just about one coin; it symbolizes Wealthsimple’s commitment to meeting the evolving needs of Canadian investors in the exciting and dynamic world of cryptocurrencies.

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