The Toronto-based FinTech startup added the ability for users to deposit cryptocurrencies from external wallets into Wealthsimple Crypto in November. At the time, the company said it planned to allow for withdrawals in the coming weeks.
“We’re going as fast as we can without totally breaking the app,” wrote Wealthsimple in the update.
Currently, however, only 50 percent of Wealthsimple Crypto clients can withdraw Bitcoin and Ethereum. The company said it plans to roll out this capability to “100 percent of our clients in the next few weeks.”
“We’re going as fast as we can without totally breaking the app,” wrote Wealthsimple. “Believe us, a certain social media manager wants wallets here ASAP. Thanks for sticking with us.”
Wealthsimple also said it plans to roll out withdrawals for “most of the coins on Wealthsimple Crypto” in the next few months.
“Wallets — and with it deposits and withdrawals — was one of our top client requests and we want to make sure we get it right,” Danish Ajmeri, head of Wealthsimple Crypto, told BetaKit. “We did this with deposits, starting with BTC and ETH, and eventually introducing other tokens. We’re using the success from that rollout and applying it to withdrawals.”
The update follows a recent crash in cryptocurrency prices that has reportedly wiped out over $1 trillion in market value since early November, $200 billion of which was lost during a 24 hour period in late January. This crash has also impacted the share price of public companies like Coinbase that have a significant exposure to crypto.
Wallets help users access and manage crypto assets, allowing them to store, receive, and spend their cryptocurrency.
Wealthsimple’s crypto wallet feature enables users to transfer Bitcoin and Ethereum from external wallets into their Wealthsimple accounts. As of January 2021, the startup also allows customers to deposit Polygon, Chainlink, and Uniswap tokens.
The company began beta testing its wallet feature last October. On November 10, Wealthsimple announced the public launch of wallet support for Wealthsimple Crypto.
A Wealthsimple spokesperson referred to this as the first step in the company moving from a closed-loop system to one that allows for functionality around external wallets.
The Toronto-based company has operated in the crypto trading space since 2020, when it launched Wealthsimple Crypto, becoming the first cryptocurrency asset platform to be registered with Canadian securities regulators.
Since then, Wealthsimple has made a number of crypto-related moves, rolling out crypto investing for group retirement funds and expanding the selection of cryptocurrencies available through its platform.
Wealthsimple told BetaKit that at this time, the startup continues to remain focused on providing third-party wallet support, rather than launching their own full wallet offering.
Feature image courtesy Wealthsimple.