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.

AccessTimeIconJul 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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Ethereum DeFi Service Porter Finance Shutters Bond Platform, Citing Lack of 'Lending Demand'

The venture capital-backed Porter Finance said the lack of “institutional fixed income DeFi adoption” drove its decision.

CoinDesk - Unknown
2
CoinDesk - Unknown
Meta Affirms Digital Collectibles Plan Despite Crypto Crash: Report

New fintech head Stephane Kasriel said the company's plans to bring NFTs to its users have not changed "in any way."

CoinDesk - Unknown
3
CoinDesk - Unknown
Voyager Seeks Bankruptcy Protection Amid Crypto Credit Crisis

The Toronto-based lender filed for Chapter 11 bankruptcy in New York late Tuesday.

CoinDesk - Unknown
4
CoinDesk - Unknown
Binance Resumes Local Currency Deposits with Brazilian Payment System Pix

Withdrawals should be resumed “shortly,” said the company, which had suspended that feature on June 17.

CoinDesk - Unknown