Release | Nov 3, 2023
Balance, a trailblazer in digital asset custody, has officially lodged an application to incorporate a special purpose trust company with Alberta’s Treasury Board and Finance.
This strategic step, taken on August 21st, is poised to position Balance as a qualified Canadian custodian, a development that is set to resonate positively within the digital asset and cryptocurrency ecosystem in Canada.
The digital asset domain in Canada has been characterized by a reliance on American custodians such as Coinbase and BitGo, with over $5 billion in digital assets under their management. This has been a source of consternation for Canada’s 10 restricted dealers and 22 listed public funds, which have longed for a local custodial solution. Balance’s CEO, George Bordianu, underscores the significance of this initiative, stating, “Our trust application is one of the last pieces of the puzzle for us to bring a built-in-Canada, end-to-end solution to the regulated market.”
See: Bitcoin Ordinals: Exploring the Convergence of Fungible and Non-Fungible Digital Assets
Balance’s storied history in the Canadian market as the oldest and largest digital asset custodian has seen it provide exemplary service to a diverse clientele. Over six years, it has catered to digital asset exchanges, over-the-counter (OTC) and proprietary trading desks, neobanks, ATM networks, private funds, market makers, liquidity providers, and corporate entities not only in Canada but also in select global locations. With over $1 billion in digital assets under custody in its SOC 2 certified proprietary platform, Balance has demonstrated a robust and secure infrastructure that has won the trust of its clients.
The incorporation of a trust under the Loan and Trust Corporations Act (Alberta) is more than a regulatory formality; it is a commitment to enhancing the security and integrity of digital asset management within Canada. This move is expected to provide a much-needed local option for Canadian firms, mitigating the frustration associated with the lack of domestic custodial services and potentially catalyzing a shift in where Canadian digital assets are custodied.
For more information on this groundbreaking development and to understand how Balance is shaping the future of digital asset custody in Canada, interested parties are encouraged to visit www.balance.ca.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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- Source: https://ncfacanada.org/balance-applies-for-a-special-purpose-trust/
