Buy Ren in Canada
Ren made simple
Everything you need to know about Ren and how to start investing in it.
+$0.01 (7.82%) past 24 hours
- Market Cap
- 24h low - high range
- 0.0791062 - 0.1022373
Ren is a suite of blockchain protocols that are designed to help you port assets between blockchains. Why is that necessary? Because different blockchains don’t communicate well. Trying to send bitcoin to an Ethereum wallet is kind of like trying to put a VHS tape into a DVD player.
Ren’s flagship product, RenBTC, is an ERC-20 token whose value is pegged to the market value of bitcoin. The way it works is that you pledge your bitcoin to Ren’s protocol, and Ren will spit out a version of your bitcoin (RenBTC) that is compatible with Ethereum, Polygon, Avalanche, Fantom, Solana, and other networks.
Ren currently offers support for Bitcoin, Bitcoin Cash, ZCash, Dogecoin, Digibyte, Filecoin and LUNA. Its framework, the Ren Virtual Machine, claims to be able to “transfer any token between any blockchain.” RenBTC is the largest coin, with a market cap of $589 million, as of March 10, 2022.
There are lots of similarly pegged assets out there. The most famous is wBTC, or Wrapped Bitcoin, which has a market cap of $10.7 billion as of March 10, 2022. The difference between renBTC and wBTC is that all of wBTC’s bitcoin are stored by a custodian (an American company called BitGo), while Ren’s custody provisions are decentralized. If you’re wary of institutional control, that should make Ren more appealing to you. With decentralization, it’s difficult for a single party to restrict or rescind control over assets — for instance by freezing them via a court order.
Ren’s entire operation is powered by a token called Ren, which you can trade on Wealthsimple. Outside of speculative investment, Ren is used to power thousands of independent machines known as darknodes. Darknodes stand watch over the complicated process of ensuring that, for instance, renBTC is always equivalent in value to and redeemable for an actual bitcoin. Whenever you move bitcoin from one chain to another using Ren, you’ll pay a fee to these darknodes, plus the each blockchain’s fee.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
- Sign up in minutes right from your phone or laptop
- Start trading crypto with as little as $1
- No account minimums
- No clunky dashboards — just one super simple app
- Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Ren?
Along with speculation, Ren powers the darknodes required to move coins between blockchains. You can also stake your tokens within the protocol to earn fees as a liquidity provider, or loan it out on automated crypto lending platforms, such as Aave.
Is Ren a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Ren or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Ren safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Ren prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Ren to your Wealthsimple account in just a few taps.
Other cryptos to explore
More info about Ren
Want to take a deeper dive? Check out these articles about Ren and the world of crypto.
What is Cryptocurrency?
Cryptocurrencies are a type of digital asset that run on blockchain technology. Here’s everything you need to know.
Top Cryptocurrencies and Crypto Exchanges
Here’s how to buy and sell cryptocurrencies on crypto exchanges and other trading platforms.
What is Blockchain? The Ultimate Guide
A quick primer on the building blocks needed to understand the basics of blockchain
Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Ren with just $1. It’s that simple.
Ren powers is a blockchain protocol that lets you send tokens between blockchains. You can use the Ren protocol to move Bitcoin to Ethereum, for instance. Ren is used to power Darknodes, computers that work behind the scenes to make these transitions possible.
According to CoinMarketCap, there are 997 million REN tokens in circulation out of a total supply of 1 billion. In a presale and public token sale in 2018, 60.2% of those tokens were sold to investors. Ren reserved 19.9% of the total supply for a treasury fund, and gave 9.9% to the team, advisors and founders. Advisors had to wait six months before they received these tokens, while the team had to wait two years. A further 10% is dedicated to growing the protocol through development grants and partnerships.
Since Ren is an ERC-20 token, meaning it is based on Ethereum, you can spend it within any decentralized finance protocol that supports it. You can use it to supply liquidity on a decentralized exchange called Uniswap, for instance, or instantaneously lend or borrow it on peer-to-peer lending protocol Aave. You can also use Ren to power darknodes, the computers that facilitate Ren’s synthetic representations of tokens like Bitcoin and Dogecoin. Lastly, you can trade Ren just like any other cryptocurrency to try and profit from its volatile price.
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 Ren transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Ren’s current market cap is 86,985,864.
The current price for Ren in Canadian dollars is $0.09.
Buying Ren 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 Ren 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 Ren. 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.