Balance last year filed an application with Alberta’s Treasury Board and Finance to incorporate a special purpose trust company under the Loan and Trust Corporations Act.
The company wants to offer true Canadian custody for crypto holdings.
The Toronto-born fintech, which currently custodies $1.5 billion worth of digital assets in its SOC2-certified proprietary platform, today officially announced new corporate headquarters in Calgary.
“Ontario gave us the solid ground we needed to start,” said chief executive George Bordianu. “However, Alberta’s regulatory framework and positive reception to our industry gives us the foundation needed to grow.”
In particular, Bordianu cites “the existence of a special-purpose regime for provincial trusts” as “extremely attractive.”
“It provides the structure we need to become a qualified custodian,” the CEO explains, “without having to satisfy regulatory requirements pertaining to activities we don’t perform such as deposit-taking business.”
Founded in 2017, Balance initially began plans to move from Ontario to Alberta in 2021.
“We’re grateful for our beginnings in Ontario and enthusiastic about the opportunities in Alberta,” said Bordianu.
Invest Alberta, a crown corporation that works to attract investment to the province, has been keen to help with the transition and provide Balance with access to resources, according to a statement.
“We extend a warm welcome to Balance as the company relocates its office and team to Calgary, Alberta,” stated Rick Christiaanse, the CEO of Invest Alberta.
“Our tech and business communities have created a supportive environment for new companies to thrive,” he continued, “which is a unique advantage that Alberta offers to companies worldwide and across Canada.”
As part of this corporate move, Balance expects to open “a few new positions” on its team and over time intends to “make significant contributions to local job creation.”
“We have made Alberta the best place to work in Canada to work in tech and have a tech company,” believes Nate Glubish, Alberta’s Minister of Technology and Innovation. “This move by Balance just demonstrates our growing reputation as an international hub of investment and innovation.”