Buy Loopring in Canada

Loopring is an Ethereum-based token that powers a gas-free decentralized exchange. It’s one of many Layer-2 solutions that seek to expand Ethereum while cutting down on high transaction fees and low speeds. (Others include Arbitrum, Optimism and Polygon). Loopring’s token, LRC, is a governance token that holders can use to vote on the future of the network. The network uses a privacy-preserving solution called ZK-SNARKs to ease congestion while reducing the amount of identifying information that is shared in transactions.

LRC launched in 2017. Alongside its governance function, the token powers the decentralized exchange that launched in February 2020. As of January 2022, there are 1.3 billion LRC tokens in circulation. However, the supply is deflationary; the number of LRC tokens in circulation will decrease over time. That’s because the exchange burns some of the tokens earned through fees. The protocol also destroys the tokens of validators who exhibit bad behaviour. By the laws of supply and demand, this deflationary tokenomic schedule places downward pressure on Loopring’s price. That said, exogonous market factors may crash the price and cancel out this effect.

Since LRC is an ERC-20 token, meaning it is based on the Ethereum blockchain, you can use it within any Ethereum-based decentralized finance protocol that supports the token. You can also use LRC within Loopring’s own non-custodial decentralized exchange. There, it is used to pay for fees for swapping tokens on the exchange. These fees are split up and divided across shareholders in Loopring’s decentralized autonomous organization. You can also stake Loopring to earn more LRC tokens, or use it as a voting chip in Loopring’s governance mehanism; this allows you to determine the future of the protocol.

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 Loopring transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.

Loopring’s current market cap is 504,226,752.

The current price for Loopring in Canadian dollars is $0.37.

Buying Loopring 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 Loopring 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 Loopring. 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.