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Tetra Trust Receives Nod to Become Regulated Crypto Custodian in Canada

The company was certified by the Alberta government to become the country’s first regulated custodian for crypto assets.

Jul 8, 2021 at 3:04 p.m. UTC
Updated Sep 14, 2021 at 1:22 p.m. UTC

Tetra Trust said it became Canada’s first regulated custodian for cryptocurrency assets after being registered by the Alberta government.

  • Tetra Trust said it received its certificate of registration on Monday.
  • Previously, the country's market for cryptocurrency custody was limited to U.S. providers and unregulated Canadian custodians, Tetra Trust said in a statement Thursday.
  • The company – which was founded in 2019 and is backed by Coinsquare, a Toronto-based crypto trading platform – said it has conducted multiple financing rounds, raising funds from investors including Coinbase Ventures, Coinsquare, the Canadian Securities Exchange, Mogo, Urbana and Caldwell Growth Opportunities Fund among others. It didn’t disclose the amount raised.
  • “Canada has become a hot spot for cryptocurrency-related public companies, ETFs (exchange-traded funds) and trading platforms and there is a pressing need for a regulated custody provider in Canada,” Tetra Trust CEO Eric Richmond said.

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