Investors looking for commission-free trading and niche tech investment products will have new options
Two cryptocurrency firms have announced new options to cover some unaddressed needs of Canadian investors in crypto and other emerging technologies.
Crypto trading firm Coinberry, which uses a proprietary algorithm to find “the best cryptocurrency prices from trusted exchanges,” has launched commission-free trading throughout its platform.
The firm made the change following an Environics survey it commissioned, where 39% of all 18- to 34-year-olds cited cryptocurrencies as an investment with high returns; 40% of 18- to 35-year-old investors surveyed felt the same. When it comes to older age groups, the percentage of respondents that shared the sentiment ranged from 5% to 22%.
The survey also found that fees were a major concern among 42% of respondents aged 18-34 with respect to cryptocurrency investing. Averseness to fees decreased with age, as concern among fees prevailed among only 33% and 23% of 35- to 51-year-olds and 52- to 69-year olds, respectively.
“We are leading the pack with 0% fee trading, it's a Canadian first,” said Coinberry President Andrei Poliakov. “Based on our research, Coinberry's 0% fees will remove a major barrier for Canadians to invest.”
Meanwhile, crypto trading platform Coinsquare has launched Coin Capital Investment Management, a subsidiary firm that will offer investment products focused on emerging technologies including cryptocurrencies, blockchain, and artificial intelligence.
“There is a strong appetite for investors to access growth in the technology sector, but not enough specialized or niche offerings available to them,” said Coincapital CEO Lewis Bateman. “Coincapital is perfectly positioned, given its relationship to Coinsquare and deep sector expertise, to take advantage of the next phase of industry growth.”
Registered with the OSC as an an exempt market dealer, investment fund manager, and portfolio manager, Coincapital has also partnered with Deutsche Boerse Group's index provider STOXX to launch two indices. The iSTOXX Developed Markets B.R.AI.N. Index tracks a diversified portfolio of global securities focused on biotech, robotics, artificial intelligence, and nanotechnology; it was launched on July 26.
Still to be built is the STOXX Yewno Developed Markets Blockchain Index, which will track the blockchain technology sector. The index selects companies with heavy investment into blockchain technologies using a proprietary AI algorithm.