Tetra Trust Receives Nod to Become Regulated Crypto Custodian in Canada

Tetra Trust Receives Nod to Become Regulated Crypto Custodian in Canada

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 July 5.
  • 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, founded in 2019 and backed by Coinsquare, 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 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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