Canada’s oldest and largest digital asset custodian this week launched special purpose trust.
Balance has incorporated Balance Trust Company under the Loan and Trust Corporations Act of Alberta, the Calgary-based firm revealed.
Balance says it has committed $10,000,000 of regulatory capital into the wholly-owned subsidiary as a bid toward becoming a qualified Canadian and U.S. custodian.
Built with local technology, Balance Trust Company marks the first special purpose trust company incorporated in Canada with a sole purpose to custody digital assets, according to the fintech.
The Board of the new trust company will be headed by George Bordianu, cofounder and CEO of Balance. He says the trust launch was the culmination of over a year and a half worth of work, including earning SOC 2 Type 2 compliance as a digital asset custodian and coordinating with the ATBF since formally submitting the application in August last year.
“Canadian regulated entities are still forced to this day to use US custodians or Canadian custodians leveraging US-based technology,” explains Bordianu. “We’re laser-focused on bringing a truly local solution to the ecosystem and are grateful to the team at the ATBF for their help and guidance in achieving this mission and for granting us this letters patent.”
Other board members include Bicameral Ventures cofounder Alex McDougall, Bay Street veteran Jean Desgagné, RFA Capital Holdings executive Colin Pyle, and James Slazas, who serves as chief executive of DARMA Capital.
“Balance has truly built a next-generation custodian,” believes Slazas. “Its platform and technology deliver above and beyond those of large industry names, which is why we’re enthusiastic to provide them with the needed capital and resources to become qualified and expand to the Canadian and the US regulated markets.”
In addition to its flagship digital asset custody solution, which secures over $2.5 billion worth of assets, Balance Trust Company will offer fiat custody, collateral management, and escrow services upon registration.
Balance was founded in Toronto in 2017.
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