April 19, 2024
Latest Cryptocurrency News

Balance, Canadian Crypto Custodian, Hits $2 Billion AUC Amid Market Recovery

In a testament to its resilience and commitment, Balance, Canada’s oldest digital asset custodian, has announced that it has once again achieved a milestone of $2 billion in assets under custody (AUC). This achievement comes amid the recent recovery in the cryptocurrency markets.

The surge in the value of Bitcoin (BTC), which more than doubled over the past year, crossing the $1 trillion market cap threshold, has contributed significantly to the resurgence of Balance’s crypto assets. As a result, clients are now exploring new products and offerings provided by the custodian, according to a recent press release from the company.

George Bordianu, the CEO of Balance, acknowledged the challenges faced during the bear market of 2022, which led to a significant drop in the company’s AUC from a peak of $2.5 billion to a low of $500 million. Despite these obstacles, Bordianu expressed gratitude for the dedication of the team, stating, “I’m grateful our team was up to the challenge, and rebuilding to $2 billion in AUC is a testament to their hard work and unwavering commitment to our clients.”

Established in 2017, Balance proudly claims its position as the oldest and largest digital asset custodian in Canada. The company offers storage services for crypto assets to various entities not only across Canada but also in some US states, the British Virgin Islands, and the Cayman Islands.

The clientele of Balance includes crypto exchanges, neobanks, and private funds. Bordianu emphasized that Alberta’s regulatory environment has been instrumental, providing the necessary structure for Balance to qualify as a custodian without being burdened by regulatory requirements unrelated to its operations, such as deposit-taking.

As the crypto market continues to evolve, Balance remains at the forefront, offering secure and reliable storage solutions for digital assets. The company’s resilience in the face of market challenges underscores its commitment to clients and positions it as a key player in the rapidly expanding digital asset custody sector.

Image by OpenClipart-Vectors from Pixabay

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