Canada’s first regulated crypto asset manager: Calgary’s fintech startup Tetra Trust-PlanetWeb.ca

Good news for Canadian crypto enthusiasts as the world becomes more and more open to the currencies of the digital world. On July 5, after more than 18 months, a small Calgary-based financial technology start-up was approved to provide cryptocurrency custody services to institutional investors.

The Alberta Government’s decision to approve storage services has made TetraTrust essentially the first Canadian-based caretaker. Tetra Trust saves investors’ digital assets and brings a huge win to Canadian crypto development. Tetra’s trust is led by Eric Richmond, Chief Operating Officer of Coinsquare, a trading platform set in Toronto.

With this decision, Tetra has completed many funding rounds. The company chose to keep the exact numbers private, but the amount is supported by Mogo Inc., Urbana Corp, and Caldwell’s growth opportunities companies.

It is important to recognize the revolutionary nature of this decision. Linking government approval to crypto storage is a difficult topic. Much of this hesitation and skepticism stems from the fact that the large user base of investors is an inexperienced youth. After the death of Gerald Kotten and the subsequent collapse of Quadriga CX, the country’s largest crypto exchange, distrust of the crypto industry grew in 2018. As a result, investors lost a net amount of $ 250 million. Therefore, it is not surprising why the government is reluctant to approve and approve storage services.

So what are Tetra’s future plans for this approval? According to Richmond, the startup isn’t specifically aimed at getting the wealthy. Instead, the focus of the customer base shifts to family offices, investment trusts, and stock exchanges. Clients looking to use Tetra’s services are expected to store $ 1 million worth of currency at a rate not disclosed by the startup.

Another potential competition from within Calgary is Olympia Financial Group Inc, which withdrew its attempt to become a qualified custodian because of “internal risk.” was.

Richmond has set a big goal at Tetra, hoping that startups will have over $ 1 billion in crypto assets under management by the end of 2021.