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.

Read more: Anchorage Adds Custody and Staking for Dapper Labs’ FLOW Token

Disclosure
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.