Wealthsimple started with the goal of making investing, and long-term wealth building accessible to millennials. Then they became one of the first in Canada to become a regulated cryptocurrency exchange. And it went well for a while. The company made huge profits during the pandemic. But over the last month, cryptocurrencies have seen their value decrease substantially, and many investors saw their wealth evaporate.
Was Wealthsimple wrong to make such a huge bet on crypto? And what does it mean for the future of the company?
Guest: Jacob Lorinc, business reporter at the Toronto Star