Tetra, Canada’s first and only trust company licensed to custody digital assets, will provide Coinsquare’s more than 500,000 users with safe and secure custody services for their crypto assets
CALGARY, Alberta, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Tetra Trust Company (“Tetra Trust,” “Tetra” or “the Company”), Canada’s first qualified custodian for digital assets regulated by the Alberta Treasury Board and Finance (“ATBF”), has been confirmed as a custodian for Coinsquare Capital Markets Ltd. (“CCML”).
CCML, a wholly owned subsidiary of Coinsquare and operator of its crypto trading platform, was recently approved by the Investment Industry Regulatory Organization of Canada (“IIROC”) for dealer registration and IIROC membership. CCML is the first crypto-only, IIROC registered investment dealer in Canada and regulated alternative trading system.
CCML’s qualification for IIROC membership included the need for CCML’s custody partners to be regulated and insured, as custody is essential to a trusted crypto trading platform. With Tetra being a trust company regulated by ATBF, CCML was authorized by IIROC to use Tetra.
“Tetra’s role is vital in ensuring that clients' assets are kept safe, secure and available to them at all times,” said Didier Lavallée, CEO of Tetra Trust. “Our custody model supports CCML as we enable investors to retain ownership of their assets under Canadian jurisdiction by a regulated trust company.”
Coinsquare CEO Martin Piszel added, “The new standards for our crypto trading platform mean individuals investing in crypto today in Canada have greater safeguards than they would otherwise have with investing in crypto on their own. We are pleased to have a custody partner like Tetra which is fully aligned with supporting the objectives of Coinsquare.”
The inclusion of Tetra as a custody partner for CCML is also further legitimizing the digital asset space in Canada as traditionally digital assets have been managed by U.S. or international custodians due to a lack of adequate local options.
Tetra Trust has been building its reputation in the Canadian market and recently announced a partnership to custody 3iQ’s various exchange-traded funds (“ETFs”) which represent approximately $700 million in assets under management. The Company also provides custody services to Accelerate Financial Technologies Inc.’s NFT Fund, which was Canada’s first Web3 investment vehicle when it was announced earlier this year.
About Tetra Trust
Founded in 2019, Tetra Trust is Canada’s first and only trust company licensed to custody digital assets. Tetra received its Certificate of Registration from the Government of Alberta on July 5, 2021 and meets the definition of a qualified custodian under National Instrument 31-103 and National Instrument 81-102. The Company is backed by Coinsquare, Canada’s premier cryptocurrency exchange digital asset trading platform; Coinbase Ventures, an investment arm of Coinbase which is one of the world’s largest publicly traded cryptocurrency exchanges; the Canadian Securities Exchange; Mogo Financial Inc.; Urbana Corporation ; and others. Led by a first-class team of security and business experts and a Board of Directors with extensive trust company experience, Tetra delivers the most advanced digital asset storage technology in the industry. For further information visit www.tetratrust.com.
Tetra Trust Company
Didier Lavallée, CEO