Wealthsimple's Prediction App Teases Restricted Markets in Canada

Wealthsimple's new prediction app has sparked controversy in Canada after its launch on Wednesday. The fintech giant was allowed to enter prediction markets last May, but only for economic and climate data, as well as financial indicators.

This means Canadians can bet on whether the Bank of Canada will change interest rates or when the next heatwave will strike, but not on sports or politics. However, the app does offer a glimpse into restricted markets that are available in other countries.

Wealthsimple's Predict app shows users what they're missing out on, including markets for the US presidential election and the release date of Grand Theft Auto VI. A disclaimer warns users that these markets are restricted in Canada but allows them to follow along and be notified if the event becomes available for trading.

Rachel Wasserman, a corporate lawyer and commentator, suspects that Wealthsimple is trying to push boundaries and get regulators to open up more markets to Canadians. She notes that the company has been expanding its services to include higher-risk features like options and crypto trading.