Wealthsimple started as a safe haven for investors — now it’s a major player in crypto trading. Is it putting profits before values?

The neon-blue coin hovered above a lunar landscape, with five words engraved along its perimeter: “Financial power to the people.”

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Wealthsimple, a Toronto-based financial services company, broadcast animation in an email to its members in February with an exciting announcement: A buzzy cryptocurrency called TerraUSD was officially available for purchase through Wealthsimple’s trading app.

“Earth to Crypto Explorers: Terra (LUNA) has landed,” the company wrote.


Such announcements have become routine for the company since August 2020, when Wealthsimple launched Canada’s first regulated cryptocurrency exchange.

Wealthsimple is constantly expanding the number of cryptocurrencies, from popular offerings like Bitcoin and Ethereum to more obscure options like Dogecoin, Apcoin, Shiba Inu – even one called Sushi Swap.

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Some of these digital assets are likely to collapse, eroding investors’ money in the blink of an eye.

In May,…