Calgary-based Tetra Trust announced yesterday that the company has received its Certificate of Registration from the Government of Alberta, which makes it Canada’s first regulated custodian for crypto assets.
According to the official press release, Tetra Trust closed its multiple financing rounds led by a group of strategic investors including Coinbase Ventures, Mogo, Canadian Securities Exchange and Coinsquare.
Tetra Trust mentioned that before the launch of its crypto custody services, Canadian users were dependent on US providers and some unregulated Canadian crypto custodian. Tetra Trust will provide custody and storage services for several crypto assets including Bitcoin (BTC), Ethereum (ETH) and other tokenized securities.
Commenting on the latest announcement, Eric Richmond, CEO of Tetra Trust Company, said: “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. 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.”
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Tetra Trust highlighted the growing popularity of crypto assets in Canada and mentioned that the company is expecting to have more than $1 billion worth of crypto assets under management by the end of 2021.
Canada’s Crypto Market
Canada has seen immense growth in crypto adoption during the last few months. In February 2021, Canadian regulatory authorities approved Evolve to launch Bitcoin ETF.
“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 mentioned in the official press release.
