CALGARY, AB, Oct. 22, 2024 (GLOBE NEWSWIRE) — Balance, Canada’s oldest and largest digital asset custodian, has received approval from the Alberta Treasury Board and Finance (ATBF) to register Balance Trust Company, its Calgary-based wholly owned trust subsidiary. The approval is further supported by an investment of $10 million into the trust by Balance, to meet Canadian and US qualified custodian status to serve financial services and fintech companies throughout Alberta’s regulatory landscape.
The expansion, supported by Invest Alberta, highlights Alberta’s growing role in digital asset management and innovation, with a commitment to hire within the province and grow the local fintech workforce.
Invest Alberta played a key role in supporting Balance’s move to the province early in the year by providing investor services and connecting the company with local stakeholders, service providers, and talent. Their guidance helped Balance navigate Alberta’s business environment and regulatory landscape, ensuring a smooth transition and integration into the local economy.
ATBF’s approval of Balance Trust Company further expands Balance’s capabilities and is expected to facilitate $4 to 6 billion in digital assets to flow into the province. This development also enhances Alberta’s infrastructure for future growth in the blockchain industry, attracting global investment and driving economic growth and innovation in the province.
Supported by its unique regulatory framework, Alberta is the only province in Canada to offer this type of trust license, helping the province stand out as a clear leader in the digital asset financial services space, further strengthening its position as one of the most digital asset-friendly provinces for companies.
Over the past seven years, Balance has grown to $2.5+ billion in assets under custody and serves clients across Canada and globally. The approval of Balance Trust Company marks a major milestone, contributing to local job creation and economic diversification. The company’s mission to broaden access to digital asset financial services aligns with Alberta’s push for innovation and global investment.
Calgary Economic Development (CED) also facilitated Balance’s plans to expand to Calgary by helping the company navigate the local business and financial sector environment. By ensuring Calgary is friendly to tech innovators in the digital asset space, CED continues to help make Alberta an innovative, fintech powerhouse.
QUOTES
“Relocating our business into Alberta and moving our headquarters here in January has been without a doubt has been one of the best business decisions we’ve taken. Although we were a bit anxious at first about making the transition, through Invest Alberta we quickly discovered an unbelievable support network. We are beyond grateful for the warm welcome and close to one year later we can proudly call Alberta our home. With the approval of Balance Trust Company, we’re extremely keen to grow and make our mark and contribution to the local economy.” –George Bordianu, CEO, Balance
“We are proud to support innovative companies like Balance Trust Company. With their registration, Alberta strengthens its position as a leader in the finance and financial technology sector. Our commitment to the sector’s growth keeps us at the forefront of financial innovation, boosts our economy and provides greater security for investors.” -Nate Horner, President of Treasury Board and Minister of Finance
“Calgary continues to emerge as a top destination for startups in fintech. Balance’s expansion to the city is testament to how our uniquely friendly regulatory environment is attracting an influx of investment and cementing the region as an innovative fintech hub.” –Chelsea Hallick, Business Development Manager, Enterprise Technology, Calgary Economic Development
“Alberta’s reputation is growing as the ideal place for fintech companies to locate and expand. With our supportive ecosystem, business-friendly environment, and entrepreneurial spirit, we are leading the way for innovative companies like Balance to execute their vision and achieve their business goals, right here in Alberta. Our Team Alberta approach with Calgary Economic Development was key to Balance’s decision to relocate to Calgary. By working together, we created a seamless investor experience, which included connecting Balance to the resources and networks they needed to be confident about their investment decision.” –Rick Christiaanse, Invest Alberta CEO
About Balance
Balance connects its clients to top-tier providers such as Attestant, Coinbase, and DARMA through its digital asset rails, enabling them to stake, lend, and liquidate billions of dollars worth of assets directly from the comfort of Balance Trust Company, its flagship qualified custodian. To learn more, visit www.balance.ca
About Calgary Economic Development
Calgary Economic Development is an opportunity-maker, helping to spark and fuel Calgary’s growth. Our job is to connect people with resources that can help them grow their careers or businesses, thrive in new locations or markets and feel at home in our community. We steward the economic strategy, Uplook: An Action Plan for Our Economy with the mandate to position Calgary for long-term economic success by supporting the expansion, retention and acquisition of companies, capital and talent. We offer a wealth of information to help everyone succeed and we tirelessly promote Calgary, in Canada and around the world. For more information, please visit our website at www.calgaryeconomicdevelopment.com and follow us on LinkedIn.
About Invest Alberta
Invest Alberta engages the world and provides high-end tailored support to companies, investors, and major new projects. With team members strategically positioned in key markets around the world, Invest Alberta works to break down barriers so businesses can start up, scale up, and succeed without limits. With this announcement, Invest Alberta clients have committed $22.5 billion in investment that created more than 31,586 new jobs new for Albertans. For more information, visit investalberta.ca.
