CALGARY, Alberta–(BUSINESS WIRE)–#balance–Balance, Canada’s oldest and largest digital asset custodian, is pleased to announce the launch of Balance Settlements, a product enabling off-chain, immediate delivery of assets between clients and their counterparties.
Balance Settlements enables the immediate delivery model at scale, streamlining bilateral settlement workflows between certain crypto platforms and their clients or users. This is achieved through 3 key features:
- Unified Onboarding: enables Balance’s clients to onboard their trading counterparties (i.e., end users) directly with the custodian. Each counterparty gets one or more wallets where assets are delivered into in their name and title after each trade.
- Direct Counterparty Access: enables client counterparties to access their assets in Balance’s custody directly through a web portal called Balance Now, mitigating platform, proficiency, credit, and fraud risk. Once a trade has settled, the end users can dispose of their assets without further reliance on the trading platform, which does not retain any security interest, legal right, or control over them once delivered.
- Off-Chain Settlements: enables clients to immediately deliver assets to their counterparties off-chain, avoiding expensive on-chain transaction fees. The delivery is done by Balance constructively, by ledger entry, in real time.
In addition, for large trades where counterparty risk needs to be further mitigated, Balance can enter into tri-party control agreements with the client and their counterparty, acting as a collateral manager for assets pledged by the counterparty to prefund their trading account.
“The initial vision for this product was born in 2017 when Balance itself was searching for a custodian that can onboard end users and perform off-chain settlements. It took many years of sustained effort, but we can finally offer clients the infrastructure we couldn’t find back then,” said George Bordianu, Chief Executive Officer at Balance.
“With Balance Settlements, certain platforms which perform trading as part of their function such as payment service providers, remittance platforms, and payroll benefit providers can build their products and operate without having to seek alternative registration or worrying whether the transaction itself could be recharacterized. We can’t be more excited to see what new businesses this infrastructure enables in the Canadian market and beyond,” said Nuno Silva, Chief Product Officer at Balance.
About
Balance connects its clients to top-tier providers such as Attestant, BlockFills, Coinbase, and DARMA through its digital asset rails, enabling them to stake, lend, and liquidate billions of dollars’ worth of assets directly from the comfort of Balance Trust Company, its qualified custodian.
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Contacts
Josh Le
media@balance.ca
+1 (833) 225-7030
