Release | Jan 26, 2024
Balance, a leading digital asset custodian, announces its relocation to Calgary, Alberta
This strategic move underscores the growing appeal of Alberta’s progressive regulatory framework for digital asset companies, contrasting with the more conservative approach in Ontario. The decision by Balance aligns with Alberta’s efforts to position itself as a hub for technological innovation and investment. This endorsement for Alberta’s business-friendly policies also highlights a broader trend in the tech industry towards regions offering more supportive environments for growth and innovation.
- Balance, having registered in Alberta since 2021, initially set up its operations in Edmonton. The company then moved its base of operations to Calgary, further deepening its roots in the province.
- In a major step towards expansion, Balance filed an application in August 2023 to incorporate as a trust with Alberta’s Treasury Board and Finance.
- Turning the Calgary office into its official headquarters is a testament to Balance’s ongoing commitment to Alberta and the relocation is anticipated to foster job creationand bolster the province’s status as an investment and innovation hub.
George Bordianu, CEO of Balance:
“Alberta’s forward-thinking regulatory approach and supportive environment for technology innovation played a key role in our decision to relocate.”
Rick Christiaanse, the CEO of Invest Alberta:
“We extend a warm welcome to Balance as the company relocates its office and team to Calgary, Alberta. Our tech and business communities have created a supportive environment for new companies to thrive, which is a unique advantage that Alberta offers to companies worldwide and across Canada.”
Nate Glubish, Alberta’s Minister of Technology and Innovation:
“We have made Alberta the best place to work in Canada to work in tech and have a tech company. This move by Balance just demonstrates our growing reputation as an international hub of investment and innovation.”
Alberta’s Financial Innovation Act (Bill 13)
Following the news of Balance’s relocation, Alberta’s commitment to fostering a fintech-friendly ecosystem is further reinforced by its Financial Innovation Act, also known as Bill 13.
- Bill 13 introduces a regulatory sandbox framework for financial services and fintech companies. The framework provides a controlled environment for testing innovative financial products and services without full regulatory compliance. By being the first in Canada to introduce such a framework, Alberta may attract more fintech companies and investments.
- Companies must meet certain criteria, including having a physical presence in Alberta and offering innovative financial products or services.
- Participants are allowed a two-year period for testing, subject to specific terms and conditions determined on a case-by-case basis.
Balance’s relocation to Alberta, coupled with the introduction of Bill 13, highlights the province’s growing reputation as a favorable destination for fintech companies. This move by Balance could signal a broader trend among fintech and digital asset companies seeking regions with more favorable business climates.
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