Tetra Trust Company (“Tetra Trust”), a regulated financial institution, is pleased to announce that it has launched as Canada’s first qualified custodian for cryptocurrency assets. Tetra Trust received its Certificate of Registration from the Government of Alberta on July 5, 2021 and qualified to act as a custodian under National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations and National Instrument 81-102 Investment Funds.
Tetra Trust’s core business is the custody and storage of cryptocurrency assets including bitcoin, ether and a variety of other digital assets and tokenized securities. Prior to Tetra’s launch, the Canadian market for cryptocurrency custody was limited to U.S. providers and unregulated Canadian custodians.
“We’re thrilled to launch Tetra Trust as Canada’s first qualified custodian for cryptocurrency assets and bring a Canadian-based solution to the market,” said Eric Richmond, CEO, Tetra Trust Company. “Canada has become a hot spot for cryptocurrency-related public companies, ETFs and trading platforms and there is a pressing need for a regulated custody provider in Canada.”
Tetra Trust also announces the closing of multiple financing rounds that includes Coinsquare, Canada’s premier crypto exchange digital asset trading platform; Coinbase Ventures, an investment arm of Coinbase (NASDAQ: COIN), the largest publicly traded crypto exchange in the world; the Canadian Securities Exchange (CSE); Mogo Inc. (NASDAQ: MOGO; TSX: MOGO), a leading Canadian publicly traded digital payments and financial technology company; Urbana Corporation (TSX: URB, URB.A); Caldwell Growth Opportunities Fund and others.
“Over the past six months, we have seen a monumental shift in the popularity of digital assets. When we think about the future, we know it is digital and we understand the importance of regulation in increasing capital markets’ confidence in this space. What’s so unique about Tetra is the idea of a consortium leading the way on this initiative and prioritizing a custody solution that’s made for the Canadian market.”Jenna Kaye, CEO, Odyssey Trust Company and Board Chair of Tetra Trust
Tetra Trust estimates that the current market for crypto custodial services is in the tens of billions of dollars and it aims to have more than a billion dollars’ worth of assets under management by the end of 2021.
Based in Calgary, Alberta, Tetra Trust Company is a regulated crypto custodian focused on cryptocurrency key management, allowing cryptocurrency service providers, investors, and fiduciaries to mitigate the risk of theft and loss.
Photo by patrick mcvey on Unsplash
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