Balance introduces Balance Custody, institutional grade storage for digital assets.
PARADISO VENTURES INC. O/A Balance ("Balance") (the "Company") today unveiled Balance Custody, a secure offline storage and digital asset management solution targeting institutional players such as hedge funds, family offices, depositary banks, and any other types of market makers or asset managers. With today’s launch, Balance becomes the first Canadian company to bring such a service publicly to the market.
Balance Custody has been running a closed pilot with a carefully selected set of customers since August of last year, period during which continuous engineering and product effort has been expended to build a financially transparent solution offering military grade security guarantees. As a result of a full year of development behind the scenes, the Company is pleased to offer the following services and innovations:
Buying and selling large volumes of 8 major digital assets sourced through a global network of corporate partners: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Dash (DASH), Ripple (XRP), and Stellar Lumens (XLM).
Geographically distributed, fully offline, access-controlled storage of digital assets on dedicated hardware adhering to the FIPS 140-2 Level 3 standard (military grade) with liquidity within 48 hours of request.
Fiat funding and withdrawal in full compliance with the Proposed Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, published in Part I of Canada Gazette Vol. 152, No. 23, on June 9th, 2018.
Fully segregated accounts, and an unmatched yearly fee of 50 basis points per year.
Financial transparency through a set of tools auditing of each asset, from sourcing to liquidation.
The solution is enabled by the Company’s cutting edge Digital Asset Cache™ technology which automates the creation, transaction, and liquidation of collections of digital wallets through a proprietary Layer 2 protocol. "While trying to put together a proof of concept we quickly discovered that the APIs and interfaces exposed by most blockchains are limited in functionality. Implementing a robust solution on a *per client* basis would quickly turn out to not scale. We knew we could do better, and thanks to R&D developments in the space, we did." said Balance CEO George Bordianu.
PARADISO VENTURES INC. O/A Balance is a Canadian leader in digital asset management and storage services. Its products target institutional, retail customers, as well as merchants. Balance aims to bring price stability to commerce by allowing consumers and merchants to use diversified baskets of cryptoassets as cash. This is enabled by their flagship technology, the Digital Asset Cache™ (DAC). A DAC is a self-managed collection of digital wallets, that can be created, re-balanced, transacted, and liquidated as one single unit. For more information visit www.balancenow.ca
PARADISO VENTURES INC. O/A Balance is a private company incorporated under the Canada Business Corporations Act, R.S.C., 1985, c. C-44 with its registered office address at 888 3rd St SW, Bankers Hall West Tower, 10th floor (Attn: Balance), Calgary, Alberta, T2P 5C5, Canada which sells digital goods and services. Balance is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money services business dealing in virtual currencies with registration number M20210422 and with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) as a money services business with registration number 31000258737080. This is not an offer or solicitation of any investment contract or financial security and should not be misconstrued as such. Digital assets and the blockchain are early technologies and as such have an associated high degree of risk. Balance does not provide financial, investment, tax, legal, or any other type of professional advice. For informational purposes only.