Calgary-based Tetra Trust has received its Certificate of Registration from the Government of Alberta, becoming Canada’s first regulated custodian for crypto assets. According to the official press release, Tetra Trust also closed its multiple financing rounds led by a group of strategic investors, including Coinbase Ventures, Mogo, Canadian Securities Exchange, and Coinsquare. The firm further 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 cryptocurrencies.
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, 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.”
The firm highlighted the growing popularity of crypto assets in Canada.
The Canadian firm further highlighted the growing popularity of crypto assets in Canada and mentioned that the company is expecting to have more than $1 billion worth of cryptocurrencies under management by the end of this year. The North American country has seen immense growth in crypto adoption during the last few months. In February 2021, Canadian regulatory authorities approved Evolve to launch Bitcoin ETF. Jenna Kaye, CEO, Odyssey Trust Company and Board Chair of the firm, said that we have seen a monumental shift in the popularity of cryptocurrencies over the past six months.