Tech
Balance “Laser-Focused on Bringing a Truly Local Solution” to Canadian Crypto Custody
Canada’s oldest and largest digital asset custodian launched a special purpose trust this week.
Balance has incorporated Balance Trust Company under the Loan and Trust Corporations Act of Alberta, the company based in Calgary revealed.
Balance says it has committed $10,000,000 of regulatory capital to the wholly-owned subsidiary in an effort to become a qualified depositary in Canada and the United States.
Based on homegrown technology, Balance Trust Company is the first special purpose trust company established in Canada with the sole purpose of custodianship of digital assets, according to the fintech.
The new trust’s board will be led by George Bordianu, co-founder and CEO of Balance. He says the trust’s launch was the culmination of more than a year and a half of work, including achieving SOC 2 Type 2 compliance as a digital asset custodian and coordinating with the Alberta Treasury Board and Finance since the formal submission of the application in August of last year.
“Canadian regulated entities are still forced to use U.S. custodians or Canadian custodians that leverage U.S.-based technology,” explains Bordianu. “We are laser-focused on bringing a truly local solution to the ecosystem and are grateful to the ATBF team for their help and guidance in achieving this mission and granting us these patent letters.”
Other board members include Bicameral Ventures co-founder Alex McDougall, Bay Street veteran Jean Desgagné, RFA Capital Holdings executive Colin Pyle, and James Slazas, managing director of DARMA Capital.
“Balance has truly created a next-generation custodian,” Slazas said. “Their platform and technology outperform the big names in the industry, which is why we are excited to provide them with the capital and resources they need to qualify and expand into the Canadian and U.S. regulated markets.”
In addition to its flagship digital asset custody solution, which protects over $2.5 billion in assets, Balance Trust Company will offer fiat custody, collateral management, and escrow services upon registration.
Balance was founded in Toronto in 2017.