Key facts
- Wealthsimple is launching a prediction markets app called Wealthsimple Predict.
- The app is powered by Kalshi.
- Wealthsimple Predict will offer Canadian investors access to event-based contracts.
- These contracts are regulated as derivatives.
- Regulatory approval was granted by CIRO.
- The app is available for Canadian investors.
Canadian fintech company Wealthsimple has announced the launch of its new prediction markets app, Wealthsimple Predict. This innovative platform is powered by Kalshi, a regulated exchange for event contracts. Wealthsimple Predict will offer Canadian investors access to event-based contracts, which are regulated as derivatives. The development comes after Wealthsimple secured the necessary regulatory approval from the Canadian Investment Regulatory Organization (CIRO). This approval signifies that the event contracts offered through the app will be subject to regulatory oversight, providing a framework for Canadian investors to engage with this emerging asset class. The app aims to provide a novel way for investors to speculate on the outcomes of future events.