About Balance

Balance offers an insured institutional grade digital asset custody and wallet management solution to crypto exchanges, OTC desks, and funds. Assets are kept secure in geographically distributed offline vaults on dedicated, military grade hardware. Management is made easy through our flagship technology – the Digital Assets Cache™ – which abstracts away digital wallets. Our internal controls and policies mitigate against external threats, human error, and misuse through insider access, and have been designed with disaster recovery and succession planning in mind.

Location: Toronto

Year Founded: 2017

Vertical: Blockchain / Digital Assets / Cryptocurrency

Employees: 1- 10

Website: balance.ca

Social Media:

Problem

Over 3 billion dollars worth of crypto assets were stolen from exchanges and trading platforms globally over the last 2 years. Most of these losses could have been prevented if the platform operators were using an independent third-party custodian. There are currently no qualified custodians for digital assets in Canada.

Core Benefits

 Balance offers secure storage of digital assets on military grade dedicated hardware (Hardware Security Modules), which sit fully offline in bank grade vaults. The cold and warm wallets get managed through an intuitive B2B SaaS platform. Custody is done under a legal bailment: we take possession and control of the assets, while the client retains the full legal title ownership. We’ve put in place the necessary disaster recovery and business continuity processes, as well as a crypto crime insurance policy for custodians.

Ideal Customers

Businesses and consumers (B2B2C)

Milestones

We launched in September 2019 and already custody 8 figures worth of assets, as well as move 7-8 figures daily through our infrastructure. Jean Desgagne, the former President & CEO of the Canadian Depository for Securities (second largest post-trade financial services company worldwide) is an investor and advisor to the company. David Stanton, the former Chief Risk Officer of the TMX Group is also an advisor.

We recently insured the assets in our cold and warm wallets under a crypto crime policy for custodians. The policy covers losses such as third-party hacks, theft, dishonest, fraudulent, or malicious acts of employees, and was placed with A+ grade S&P rated underwriters. We are also undergoing a SOC 2 Readiness Assessment with a top-tier auditor, in anticipation of obtaining a SOC 2 Type I (Security) certification.