Toronto’s Balance has filed an application for a letters patent with Alberta’s Treasury Board and Finance to incorporate a special purpose trust company under the Loan and Trust Corporations Act (Alberta).
The application from ‘Canada’s oldest and largest digital asset custodian’ is a significant step towards becoming a qualified Canadian custodian and will be welcome news to companies in the local digital asset and crypto ecosystem.
“Canada’s 10 restricted dealers and 22 listed public funds currently custody the vast majority of what’s over $5 billion worth of digital assets with US based custodians such as Coinbase and BitGo,” says Balance’s CEO, George Bordianu.
“The lack of local options has been frustrating these firms for years and something we’re working to address. 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.”
Over the past six years, Balance successfully served digital asset exchanges, OTC and prop. trading desks, neobanks, ATM networks, private funds, market makers, liquidity providers, and corporate entities and across Canada and certain parts of the world.
Balance currently custodies over $1 billion worth of digital assets in its SOC 2 certified proprietary platform.