CALGARY, AB, Oct. 22, 2024 (GLOBE NEWSWIRE) — Libra, Canada’s oldest and largest digital asset custodian, has received approval from the Alberta Treasury and Finance Board (ATBF) to register Balance Trust Company, its wholly owned Calgary-based corporation. trust subsidiary. The approval is further supported by a $10 million investment in the trust by Balance, to achieve qualified custodian status in Canada and the United States to serve financial services and fintech companies in the Alberta’s entire regulatory landscape.
The expansion, supported by Invest Alberta, highlights Alberta’s growing role in digital asset management and innovation, with a commitment to hiring in the province and growing the local technology workforce financial.
Invest Alberta played a key role in supporting Balance’s move to the province earlier this 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 Libra’s capabilities and is expected to facilitate the entry of $4-6 billion in digital assets into the province. This development also improves Alberta’s infrastructure for the future growth of 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 an undisputed leader in the field of digital asset financial services, strengthening its position as one of the most digital assets. business-friendly provinces.
Over the past seven years, Balance has grown to over $2.5 billion in assets under custody and serves clients across Canada and around the world. The approval of Balance Trust Company marks an important milestone, contributing to local job creation and economic diversification. The company’s mission to expand access to digital asset financial services aligns with Alberta’s efforts to support global innovation and investment.
Calgary Economic Development (CED) also facilitated Balance’s expansion plans in Calgary by helping the company adapt to the local business and financial context. By ensuring Calgary is friendly to technology innovators in digital assets, CED continues to help make Alberta an innovative fintech powerhouse.
QUOTES
“Relocating our business to Alberta and moving our headquarters here in January was without a doubt one of the best business decisions we have made. Although we were a little nervous at first about making the transition, thanks to Invest Alberta, we quickly discovered an incredible support network. We are beyond grateful for the warm welcome and almost a year later we can proudly call Alberta our home. With the approval of Balance Trust Company, we are extremely keen to grow and bring our brand and contribution to the company. the local economy.” –George Bordianu, CEO, Libra
“We are proud to support innovative companies like Balance Trust Company. With their registration, Alberta strengthens its leadership position in the finance and fintech sector. Our commitment to industry growth keeps us at the forefront of financial innovation and drives our economy. and offers greater security to investors. -Nate Horner, President of the Treasury Board and Minister of Finance
“Calgary continues to emerge as a destination of choice for fintech startups. Libra’s expansion in the city is a testament to how our friendly regulatory environment is attracting an influx of investment and cementing the region as an innovative fintech hub. –Chelsea Hallick, Director of Business Development, Enterprise Technology, Calgary Economic Development
“Alberta’s reputation is growing as a great place for fintech companies to locate and grow. With our supportive ecosystem, business-friendly environment and entrepreneurial spirit, we are paving the way for innovative companies like Libra to implement 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 move to Calgary. Working together, we created a seamless experience for investors, which included connecting Libra to the resources and networks they needed to trust. their investment decision. –Rick Christiaanse, CEO of Invest Alberta
About the balance
Balance connects its customers to leading providers such as Attestant, Coinbase and DARMA through its digital asset rails, allowing them to stake, lend and liquidate billions of dollars of assets directly from the comfort of Balance Trust Company, its qualified flagship product. guardian. To learn more, visit www.balance.ca
About Calgary Economic Development
Calgary Economic Development is an opportunity creator, helping to stimulate and fuel Calgary’s growth. Our work 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 manage the economic strategy, Outlook: an action plan for our economy with a mandate to position Calgary for long-term economic success by supporting the expansion, retention and acquisition of businesses, 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.calgarydevelopmenteconomique.com and follow us LinkedIn.
About Investment Alberta
Invest Alberta engages globally and provides high-end, personalized support to businesses, investors and major new projects. With team members strategically positioned in key markets around the world, Invest Alberta strives to remove barriers so businesses can start, grow and succeed without limits. With this announcement, Invest Alberta clients committed to investing $22.5 billion, which created more than 31,586 new jobs for Albertans. For more information, visit investmentalberta.ca.
CONTACT: Invest Alberta
403-861-9968
