Tetra Trust becomes Canada’s First Qualified Custodian for Cryptocurrency Assets

​Tetra Trust, a Calgary-based regulated financial institution, announced that it has received Certificate of Registration from the Government of Alberta and become Canada's first qualified custodian for cryptocurrency assets. 

Tetra Trust noted that before launching its crypto custody services, the Canadian market for cryptocurrency custody was limited to U.S. providers and unregulated Canadian custodians. Tetra Trust will provide custody and storage services for several crypto assets including Bitcoin (BTC), Ethereum (ETH), and other tokenized securities.

"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," said Eric Richmond, CEO, Tetra Trust Company. "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."

In the official news release, Tetra Trust also announces the closing of multiple financing rounds led by a group of strategic investors including Coinbase Ventures, Mogo, Canadian Securities Exchange, and Coinsquare.

"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," said Jenna Kaye, CEO, Odyssey Trust Company and Board Chair of Tetra Trust. "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."

Tetra Trust estimates that the current market for crypto custodial services is in the tens of billions of dollars and it aims to have more than a billion dollars' worth of assets under management by the end of 2021.