Canadian Crypto Custody Firm Balance Sees Assets Reach $2 Billion Amid Market Recovery
Balance, a digital asset custodian based in Canada, has revealed that it has once again achieved $2 billion in assets under custody (AUC) amid the recent recovery in crypto markets.
With Bitcoin’s (BTC) value more than doubling over the past year and crossing $1 trillion in market cap, Balance has seen a resurgence in its crypto assets, with clients now exploring new products and offerings, the company said in a recent press release .
George Bordianu, the CEO of Balance, acknowledged the challenges faced during the bear market of 2022, which caused the company’s AUC to drop from a peak of $2.5 billion to a low of $500 million.
“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,” he added.
Established in 2017, Balance claims to be the oldest and largest digital asset custodian in Canada.
The company provides storage services for crypto assets to various entities across Canada, as well as in some US states, the British Virgin Islands, and the Cayman Islands.
Its clientele includes crypto exchanges, neobanks, and private funds.
. @balance_canada surpasses $2B of assets under custody.
"Our focus since day one has been to build a world-class custodian for companies working with digital assets. We rejected vending ready-made solutions and instead built our offline and warm infrastructure entirely… pic.twitter.com/UHz5Cb0k55
— Balance (@balance_canada) February 22, 2024
During the 2022 market crash, Balance underwent a Systems and Organization Controls (SOC) 2 Type I audit, which is considered a crucial industry benchmark in the crypto space.
The audit, conducted amid market downturn, enabled Balance to
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