TechFlow reports, on July 8, according to CrowdFundInsider, Canadian digital asset custodian Balance established Balance Trust Company this week as a special purpose trust company under Alberta's Loan and Trust Corporations Act. Balance has injected $10 million in regulatory capital into the newly formed wholly-owned subsidiary to qualify as a qualified custodian in both Canada and the United States.
Over the past 18 months, Balance has worked closely with Alberta Treasury Board and Finance (ATBF) to complete financial statement audits, proof of asset segregation, SOC 2 Type 2 certification, system penetration testing, and expansion of its management team. In the coming weeks, Balance will focus on registering Balance Trust Company to begin operations as a qualified custodian.
