Wealthsimple founder Mike Katchen spoke at a virtual conference of Canadian “thought leaders.” He’s rather bullish on blockchain technology, and what it could do for his country.  Covered: Michael Katchen’s Comments On Blockchain Tech Blockchain Development In Canada Wealthsimple Crypto Wealthsimple: Michael Katchen’s Comments In today's event Michael Katchen mentions that Crypto can help diversify […] The post The Robinhood Of Canada Wants To Lure Blockchain Development North Of The Border appeared first on CryptosRus.

The Robinhood Of Canada Wants To Lure Blockchain Development North Of The Border

Wealthsimple founder Mike Katchen spoke at a virtual conference of Canadian “thought leaders.” He’s rather bullish on blockchain technology, and what it could do for his country. 

Covered:

  • Michael Katchen’s Comments On Blockchain Tech
  • Blockchain Development In Canada
  • Wealthsimple Crypto

Wealthsimple: Michael Katchen’s Comments

While speaking during an event hosted by Canadian Club Toronto, Mike Katchen, founder and CEO of Canadian fintech company Wealthsimple, urged Canada to “plant a flag” in crypto.

“The smartest people in technology and the smartest engineers are flocking to build applications in this space, which is generally the thing that we see at the cusp of any major technology revolution,” Katchen said during a virtual fireside chat. “Canada could plant a flag and say, ‘We want to help the smartest people that want to be working on crypto projects, companies on the blockchain — do it from Canada.’”

Wealthsimple is a “millennial” focused online investment service similar to that of Robinhood. Like Robinhood, it features no trading fees, and options to trade stocks and crypto. However, Canadian laws preclude Wealthsimple from making money off payment for order flow.

Recommended: Canada’s Largest Bank Found Running Bitcoin Full Node

Wealthsimple Crypto: Blockchain Development In Canada

Katchen’s comments come as there is still a lot uncertainty in the American blockchain development market even months after the infrastructure bill first surfaced. Senators Pat Toomey and Cynthia Lummis have warned that the uncertainty surrounding the industry could put the U.S. at a great disadvantage if blockchain tech developers aren’t protected.

The Wealthsimple CEO also noted that Canadian regulators should clarify the legal and tax issues that cryptocurrency developers face. Similarly to the U.S., Canada has seen its finest blockchain talent plant their flag elsewhere. Most notably, Ethereum and Binance (CEO CZ grew up in Vancouver) both feature Canadians at the helm, but both projects opted to get themselves started elsewhere.

Regulators in Canada have so far not been particular generous to blockchain developers — this despite that it has lost homegrown talent. Most recently, Binance was pushed out of Ontario by the Ontario Securities Commission. 

Recommended: Canada Needs Canadian-Dollar Backed Private Cryptocurrencies, Says Think Tank

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