Wealthsimple, a Toronto-based online brokerage service, announced Tuesday that it now supports the Shiba Inu cryptocurrency. In July 2020, Wealthsimple entered the cryptocurrency trading market by establishing a new subsidiary called Wealthsimple Digital Assets. Initially, its users could only trade Bitcoin and Ether, the two most popular cryptocurrencies.
The Ontario Securities Commission (OSC) granted it permission to expand its cryptocurrency offering in June. It announced the launch of 14 new digital assets, including Solana, Cardano, and Dogecoin. The company also added cryptocurrency-based exchange-traded funds to retirement plans last month. Wealthsimple, which was founded in 2014, now has over 1.5 million users. The popular online trading platform has been chastised for now allowing users to withdraw their cryptocurrencies to other wallets, as does Robinhood. Customers of Wealthsimple can only trade cryptocurrency within the app. According to U.Today, Robinhood rival Public.com listed Shiba Inu in October.