Canadian digital asset custodian Balance has established a special purpose trust company named Balance Trust Company and injected 10 million US dollars of regulatory capital into it. This step was completed after 18 months of close collaboration with the Alberta Financial Services Commission and Department of Finance, including the completion of financial statement audits, independent asset verification, SOC 2 Type 2 certification, system penetration testing, and expansion of the management team. Balance Trust Company will focus on completing registration to commence operations as a qualified custodian.

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<p>According to CrowdFundInsider, on July 8th, Balance, a Canadian digital asset custodian, established Balance Trust Company this week as a special purpose trust company under the Loan and Trust Companies Act in Alberta. Balance injected $10 million in regulatory capital into the newly formed wholly-owned subsidiary to become a qualified custodian in Canada and the United States.</p>
<p>Over the past 18 months, Balance has closely collaborated with the Alberta Treasury Board and Finance (ATBF) to complete financial statement audits, asset segregation verification, SOC 2 Type 2 certification, system penetration testing, and expansion of the management team. In the coming weeks, Balance will focus on registering Balance Trust Company to commence operations as a qualified custodian.</p>
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Canada's Balance establishes a special purpose trust company and invests 10 million US dollars.