The migration of talent from traditional finance to the crypto industry continues with Tetra Trust nabbing Didier Lavallée from RBC for their CEO role.
Tetra is the first Qualified Custodian for cryptocurrency in Canada. Lavallée is joining the company from RBC’s custody practice where he was Head of Custody Product.
Lavallée’s move to Tetra may be a bold one but it is not a new trend. The DeFi ecosystem has been luring bankers from TradFi for years and with crypto markets receiving increased regulatory attention, there is no better time than now.
Tetra is looking to grow and service institutional clients who require secure, reliable custody for their digital and cryptocurrency assets. Didier will be leading that charge.
“Looking at the next 10 to 20 years, I have little doubt that blockchains and DeFi will revolutionize the way financial firms operate. Joining Tetra is an opportunity to be a part of the solution and to help shape the financial infrastructure and products of the future,” Didier told Fintech.ca.
“I’d suggest we’re still at the beginning of the S-curve adoption for this technology and its endless applications. And as the industry continues to de-risk, I expect to see more widespread adoption by TradFi firms.”
Canada’s digital asset ETFs are new and have grown massively in their first year plus on the market. They are all using American or international options for their custody needs.
With billions of dollars worth of Canadian crypto sitting with American custodians because of the historic lack of adequate Canadian options, Tetra will be continuing its push into this market in the coming months.
Lavallée is an accomplished financial services executive with more than 15 years of experience in the capital markets and custody sectors, most recently as Head of Product, Custody Canada at Royal Bank of Canada. Previous RBC roles included Global Head of FX Standing Instruction, Head of North American FX Sales, and Vice President, Sales.
Lavallée replaces founding CEO Eric Richmond and will also join the Tetra Board.
“Tetra is entering a new phase in its development as we establish ourselves as the most trusted and versatile option in crypto custody solutions and Canada’s first trust company for cryptocurrency assets,” said Jenna Kaye, Chair of the Tetra Board.
“Didier’s extensive experience in custody and capital markets will bolster Tetra’s strong leadership team, and drive further innovation in this next growth phase of the Company’s journey. Our founding CEO Eric Richmond did a masterful job of establishing Tetra and creating the business strategy but has other business obligations that require his attention now.”
Richmond is also Chief Operating Officer of Coinsquare, Canada’s leading digital asset and cryptocurrency trading platform. He will remain on the Tetra Board and will be working with Lavallée to ensure a seamless transition.
Lavallée joins Tetra as the Company begins to accelerate its growth and increase the amount of digital assets under management. Lavallée’s leadership team will include Steve Oliver, Chief Compliance Officer; Rahil Jamal, Director of Finance and Operations; Jon Varley, Director of Institutional Sales; and Glenn Goucher, Strategic Advisor.
Founded in 2019, Tetra Trust is Canada’s First Qualified Custodian for cryptocurrency assets. Tetra received its Certificate of Registration from the Government of Alberta on July 5, 2021 and meets the definition of a qualified custodian under National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations.
Tetra Trust is backed by Coinbase Ventures, an investment arm of Coinbase (NASDAQ:COIN) which is the largest publicly traded cryptocurrency exchange in the world; Coinsquare, Canada’s premier cryptocurrency exchange digital asset trading platform; the Canadian Securities Exchange; Mogo Financial (TSX:MOGO); and Urbana Corporation.