Canadian-based regulated financial services platform, WealthSimple, now offers crypto 
Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Ethereum and Solana Staking Goes Live on WealthSimple
Canadian-based regulated financial services platform, WealthSimple, now offers crypto staking.
- WealthSimple started as a stocks and exchange-traded funds (ETF) trading platform; it then expanded its services to offer crypto trading in 2020. WealthSimple remains one of Canada’s most valuable private technology companies with a valuation of $5 billion.
- WS became the first non-bank/credit union in Canada to be approved by the Bank of Canada for a direct settlement account; this gives WealthSimple direct access to the Real-Time-Rail (RTR) payment system.
- Staking is a way to earn percentage-rate cryptocurrency rewards by holding certain cryptocurrencies in a staking-compatible wallet or staking platform. To support the security and operations of the Proof-of-Stake (PoS) blockchain network, users “lock” or stake funds (in the blockchain network’s native token) and incentives (in the form of cryptocurrency) are paid into the wallet used for staking.
See: Merge Complete. Goodbye Miners, Hello Stakers
- ETH staking on WS: In WealthSimple the minimum amount of Ethereum a user can stake is 0.01 ETH. At the moment, Ethereum staking on WealthSimple does not support “unstake” – this means that users cannot terminate an ETH staking contract, and any ETH staked will be locked indefinitely until after the Ethereum merge is complete.
- SOL staking on WS: Solana, on the other hand, has a much lower staking amount (when converted to the dollar value) threshold. Users can stake as little as 0.02 SOL, which is equivalent to $0.60 at the time of this publication. Unlike ETH, SOL can be unstaked at any time.
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