Newly-Qualified Crypto Custodian Balance Aims to Bring ETF Assets Held in the U.S. Back to Canada
Summary
Balance, a Canadian crypto custodian, achieved qualified custodian status, aiming to repatriate crypto assets from U.S. exchanges like Coinbase and Gemini back to Canada. CEO George Bordianu highlights that billions in Canadian crypto ETFs are currently held in the U.S. Balance seeks to simplify and reduce costs for Canadian asset managers by using its own technology stack, avoiding sub-custody partnerships. Bordianu emphasizes the importance of developing Canada's infrastructure for handling digital assets, especially with the growth of tokenized real-world assets and stablecoins, comparing it to relying on foreign infrastructure for financial transactions.
