Calgary-based startup Tetra Trust Company recently announced its launch as Canada’s first qualified custodian for crypto assets with approval from the Government of Alberta.
Founded in 2019, Tetra is focused on helping more institutional investors safely story their crypto assets, including bitcoin and ether among other digital assets. Tetra aims to help crypto service providers, investors, and fiduciaries mitigate the risk of theft and loss. The company charges an asset under custody fee and provides escrow services for crypto transactions.
“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,” said Eric Richmond, CEO. “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.”
Tetra also announced a round of strategic financing from Coinbase Ventures, Mogo, the Canadian Securities Exchange, Coinsquare, Urbana Corporation, and the Caldwell Growth Opportunities Fund. It has not disclosed the total amount of funding it raised from investors.
The startup said that, prior to its launch, “the Canadian market for cryptocurrency custody was limited to US providers and unregulated Canadian custodians.” Tetra values this market in the tens of billions of dollars and it aims to have more than a billion dollars worth of assets under management by the end of 2021.