Canadian crypto custodian Balance is celebrating their fifth anniversary with $500 million of assets under custody.
Founded in June 2017, the startup introduced its custody services in a closed pilot in August 2018. The public launch followed one year later, the first of its kind in Canada.
“Our focus since day one has been to build a world-class solution for Canadian businesses. To compete with established giants such as Coinbase and Gemini, we eschewed vending ready-made solutions and instead built our offline and warm infrastructure in-house. It wasn’t an easy challenge,” said George Bordianu, Chief Executive Officer.
“It took us over one year of building and one year of polishing before our public launch. We’re grateful to our early backers at Techstars and Bicameral Ventures for sharing the vision and taking a bet on us. The Canadian ecosystem is better off as a result.”
Since its August 2019 public launch, Balance has grown its client base to include companies that span Canada, certain US states, as well as BVI and Cayman Islands.
Balance successfully serves crypto exchanges, OTC and prop. trading desks, neobanks, ATM networks, private funds, market makers, liquidity providers, foundation treasuries, and more.
Balance’s Canadian competitors include Calgary’s Tetra Trust, Ottawa and Calgary-based Brane Capital, and Knox Custody, which recently agreed to sell some parts of its business to Tetra Trust.
Leave a Reply