Buy Axie Infinity in Canada

AXS is the native token of Axie Infinity, a video game that lets you fight monsters in turn-based battles. Axie Infinity is pioneering a new genre of games called ‘play to earn’, which grants the opportunity to earn cryptocurrencies for playing the game. The game’s developers, Sky Mavis, plan to make AXS the native token of the game’s marketplace, but its other primary use is as a governance token; this lets holders spend the token to vote on the future of the game’s development.

Unlike SLP, Axie’s other token with an infinite supply, the total supply of AXS is capped to 270 million. As of January 3, 2022, there are 61 million AXS tokens in circulation. Tokens are continuously allocated to players, stakers, and a whole bunch are reserved for the game’s developers, Sky Mavis. Sky Mavis projects that the entire supply will be unlocked by 2026.

The game’s developers, Sky Mavis, plan to make AXS the native token of the game’s marketplace. As of this writing, however, you can only stake it within the game’s staking dashboard to earn rewards, or use it in minor governance votes. Sky Mavis plans to devolve total control over the game to its decentralized governance mechanism by September 2023.

Since AXS is an ERC-20 Ethereum token, you can also spend it in any Ethereum-based decentralized finance protocol that’ll accept it. For instance, you could become a liquidity provider on Uniswap, a decentralized exchange based on Ethereum. You can also trade it as a speculative asset, just like any other cryptocurrency, in the hopes that you could sell it at a higher price than the one at which you bought it.

Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.

Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:

Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.

Always keep solid records of any Axie Infinity transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.

Axie Infinity’s current market cap is $2,242,291,824.00.

The current price for Axie Infinity in Canadian dollars is $8.44.

Buying Axie Infinity with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.

From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Axie Infinity 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order

You can choose between two different order types when buying Axie Infinity. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.

You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.

A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.