Tetra Trust announced that the firm has received its Certificate of Registration from the Government of Alberta, making it the first governed custodian in Canada for crypto assets. Along with this news, the Calgary-based firm made an announcement regarding the closure of its funding rounds.

Tetra Trust Becomes the First Governed Crypto Custodian in Canada

In accordance with the press release shared by the officials of the firm, Tetra Trust closed its funding rounds that were spearheaded by a bunch of strategic and experienced investors that included names such as Mogo, Coinsquare, Coinbase Ventures, and the Canadian Securities Exchange.

Moreover, the firm mentioned that prior to the introduction of its crypto custody services, the users based in Canada were dependent on the providers based in the United States and some of the Canadian crypto custodians that are not regulated.

Talking about the services that the firm will be providing to its users, custody and storage services for assets like Bitcoin, Ethereum, and other tokenized securities.

The CEO of Tetra Trust Company, Eric Richmond, commented on the recent announcement of the acquisition of the registration certificate and said:

“We’re thrilled to launch Tetra Trust as Canada’s first qualified custodian for cryptocurrency assets and bring a Canadian-based solution to the market. Canada has become a hot spot for cryptocurrency-related public companies, ETFs and trading platforms and there is a pressing need for a regulated custody provider in Canada.”

Canada Rising in Terms of Crypto Acceptance

This year, Canada has witnessed a huge growth in the acceptance of cryptocurrencies. For instance, in the month of February, the regulatory authorities in Canada gave the approval to Evolve to launch the Bitcoin ETF.

Jenna Kaye, the CEO of Odyssey Trust Company and Board Chair of Tetra Trust, said in the press release:

“Over the past six months, we have seen a monumental shift in the popularity of digital assets. When we think about the future, we know it is digital and we understand the importance of regulation in increasing capital markets’ confidence in this space. What’s so unique about Tetra is the idea of a consortium leading the way on this initiative and prioritizing a custody solution that’s made for the Canadian market.”