Part four of a five-part series on strengthening Canada’s blockchain ecosystem
After years on the margins of the global economy, blockchain-based digital currencies are colliding with traditional finance, with cryptocurrency funds trading on public stock exchanges and most major financial institutions either offering cryptocurrency services or actively exploring the possibilities.
While this creates significant opportunity for everybody, from the world’s largest banks to individual retail investors, the rapidly growing crypto economy is not without risk. Security is one of the selling features of the blockchain, but the interface between the blockchain and investors can be perilous. Hackers have compromised many cryptocurrency exchanges, and some 76,000 investors lost money in the collapse of the Canadian exchange QuadrigaCX in 2019.
From the first gold vaults to modern custodial banking giants like BNY Mellon, history has proven that secure, arm’s-length custody is critical to managing these types of risks. In Canada, Brane Inc. is among the first domestic companies to provide institutional-grade crypto custody solutions for regulated financial institutions. In addition, the company is spearheading leadership and co-ordination between governments, the private sector and regulators, advocating for a purpose-built regulatory framework.
This transformational mission has attracted a who’s who of financial, regulatory and security leaders to Brane’s executive and governance teams.