Toronto’s Wealthsimple has selected Calgary-based Tetra Trust to act as one of the financial technology firm’s custodians for digital assets.
It is the first time that Wealthsimple has added a Canadian custodian to its roster, according to Tetra Trust, which was founded in 2019 to become Canada’s first trust company licensed to custody digital assets.
Wealthsimple launched crypto on its all-in-one retail investment platform in 2020. Today, the fintech supports nearly 100 different digital currencies.
“As digital assets grow into a more established part of the financial system, it’s become increasingly important for us to diversify our custody partners by adding a trusted, regulated Canadian custodian,” stated Blair Wiley, Chief Legal Officer at Wealthsimple.
“Tetra Trust has a solid track record, takes regulation seriously, and is committed to keeping assets in Canada,” Wiley noted, “all of which make them ideal to custody and protect our clients’ assets as we continue to expand our offering.”
Tetra says its digital assets are held in segregated custody accounts in cold storage with institutional-grade protections.
“By combining Wealthsimple’s trusted consumer platform with our institutional-grade custody solutions, we’re creating a more secure and accessible digital asset ecosystem for Canadians,” commented Didier Lavallée, chief executive officer of Tetra.
“Wealthsimple has consistently led innovation in Canadian financial services, and this partnership represents a significant milestone for both companies,” Lavallée added.
Founded in 2014, Wealthsimple “has spent the last several years unlocking access to sophisticated investing products like private equity and venture capital so that Canadians everywhere, not just the ultra-wealthy, can benefit,” according to Swapnil Parikh, who serves Wealthsimple as Vice President of Product.
The Canadian fintech is “robustly profitable and continues to grow at a record pace,” according to a statement last year from chief executive Michael Katchen. The company recently acquired San Francisco’s Plenty.
Katchen, who has said he wants to grow Wealthsimple into something better than a bank, is a notable member of Build Canada, a recently formed movement targeting national prosperity.
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