Buy Gala in Canada
Gala made simple
Everything you need to know about Gala and how to start investing in it.
-$0.00 (-0.17%) past 24 hours
- Market Cap
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- 0.0671181 - 0.07081578
GALA is an Ethereum-based cryptocurrency that powers a play-to-earn gaming platform called Gala Games. The platform’s CEO is Eric Schiermeyer, one of the co-founders of Zynga Games, the same company that created Farmville and Words with Friends.
Cryptocurrencies, and the play-to-earn genre they have inspired, mark the difference between the games that Zynga put out and the ones in development by Gala Games. The group has only one game, called Town Star. Instead of spending real money on in-game items over which you have no ultimate control, à la Farmville, in Town Star top players in the game are rewarded with GALA tokens, and the game’s in-game assets can be sold for GALA in the Gala Games marketplace.
This is revolutionary to some gamers, in that they will finally own part of the worlds they inhabit. This proposition becomes more compelling in the dawn of the metaverse – a loosely defined term that gestures towards truly immersive video games in which we could spend huge portions of our lives.
The biggest hangup for play-to-earn games is in terms of public perception. Gamers often criticize the use of crypto in video games as little more than a cynical cash grab, and contend that crypto taints the fun they have by adding financial motivations. But Gala promises that is not the case.
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 Gala?
GALA can be spent on in-game assets in the Gala Games marketplace, or earned from playing the games that Gala Games develops. Some Gala Games let you lock up GALA tokens to earn other tokens.
Unlike most in-game currencies, GALA can be sold for real money on cryptocurrency exchanges, meaning that you can make a living by playing it. In fact, some people in developing countries were able to do this. The platform’s FAQ guide defaults to Filipino, where many play-to-earn games are popular given crypto’s outsized returns.
You could also put your GALA to work within the zany world of DeFi. You can take out loans of GALA crypto platforms to leverage your position or profit by funding GALA liquidity pools within Uniswap or PancakeSwap.
Of course, just like the rest of crypto, you can simply speculate on GALA’s token price by buying it on many crypto platforms and Wealthsimple, in the hopes of cashing out at a profit somewhere down the line.
Is Gala a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Gala 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 Gala safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Gala 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 Gala to your Wealthsimple account in just a few taps.
Other cryptos to explore
More info about Gala
Want to take a deeper dive? Check out these articles about Gala 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
A beginner’s guide to understanding the thousands of cryptocurrencies and dozens of cryptocurrency exchanges
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 Gala with just $1. It’s that simple.
GALA is a crypto token that acts as the backbone of Gala Games, a videogame platform that focuses on building play-to-earn crypto games. These are games that reward players with cryptocurrencies. You can earn GALA from some of these games, and use the token as a medium of exchange in the platform’s marketplace. Gala Games was created by one of the co-founders of Zynga Games in 2019.
As of March 3, 2022, there are 6.98 billion GALA tokens in circulation, with a maximum circulating supply of 37 billion. Each day, about 17 million GALA tokens are distributed to the community – half go to people who own Founder’s Nodes (licenses for Gala Games, essentially), and the rest goes to fund videogame developments. Every year, on July 21st, the protocol cuts the supply of new GALA in half. The next halving, on July 21st, 2022, annual GALA distributions will be cut to 8.5 million.
You can spend and earn GALA within the Gala Games ecosystem. You can stake GALA to earn in-game assets from other games, or play games to earn GALA tokens. GALA is also one of the main currencies in the Gala Games in-game marketplace. You can sell GALA tokens for crypto or cash on centralized or decentralized crypto exchanges, like Binance, Coinbase or Uniswap. GALA is native to the Ethereum blockchain, so you can also plug it into any DeFi protocol that accepts it (like a liquidity pool on Uniswap). In August 2022, Gala Games worked with pToken to launch a bridge to Binance Smart Chain, meaning that you can trade a synthetic version of the token on the BSC blockchain.
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 Gala transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Gala’s current market cap is 2,636,154,106.
The current price for Gala in Canadian dollars is $0.07.
Buying Gala 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 Gala 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 Gala. 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.