Balance is proud to celebrate five years in business serving Canadians as the country’s top digital asset custodian.
Founded in June 2017, the company introduced its custody services in a closed pilot in August 2018. The public launch followed one year later, the first of its kind in Canada. Having surpassed $500M of assets under custody (over $2.5B ahead of the recent market pullback), this makes Balance not only the oldest Canadian digital asset custodian, but also the largest.
“Our focus since day one has been to build a world-class solution for Canadian businesses. To compete with established giants such as Coinbase and Gemini, we eschewed vending ready-made solutions and instead built our offline and warm infrastructure in-house. It wasn’t an easy challenge. It took us over one year of building and one year of polishing before our public launch. We’re grateful to our early backers at Techstars and Bicameral Ventures for sharing the vision and taking a bet on us. The Canadian ecosystem is better off as a result.” – George Bordianu, Chief Executive Officer
Since its August 2019 public launch, Balance has grown its client base to include companies that span Canada, certain US states, as well as BVI and Cayman Islands. Balance successfully serves crypto exchanges, OTC and prop. trading desks, neobanks, ATM networks, private funds, market makers, liquidity providers, foundation treasuries, and more.
“The fact that we built our infrastructure in-house allows us to charge 10-25 bps/year and offer free unlimited withdrawals while maintaining positive unit economics. Typical market rates are 30-50 bps/year with an additional 1-5 bps/transfer. Our prospects sometimes have a hard time believing that a small Canadian company built a solution that’s 2-3x more cost effective than what the industry giants offer. Yet we prove it every day.” – Dustin Plett, Chief Sales Officer
To celebrate these milestones and better showcase its product offering, Balance has launched a new online presence at www.balance.ca.
Disclaimer
PARADISO VENTURES INC. O/A Balance is a private company incorporated under the laws of the Canada Business Corporations Act, R.S.C., 1985, c. C-44, with the registered office address at 325 Front St W, 4th floor (Attn: Balance), M5V 2Y1, Toronto, Ontario, Canada which sells digital goods and services. This is not an offer or solicitation of any investment contract or financial security and should not be misconstrued as such. Digital assets and the blockchain are early technologies and as such have an associated high degree of risk. Balance cannot and does not offer financial or investing advice. For informational purposes only.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220628005257/en/