Newton Crypto to Move Customer Assets to an Independent Third-party Custodian
TORONTO–(BUSINESS WIRE)–Newton Crypto Ltd. (“Newton”), Canada’s first commission-free cryptocurrency brokerage, announced today that it has entered into an agreement with digital asset custodian Balance to hold and secure Newton customers’ cryptocurrency assets. As part of the agreement, Balance will act as a third-party custodian and wallet provider for all of Newton’s customers.
“Ensuring the security of our customers’ assets is a top priority,” said Dustin Walper, CEO of Newton. “As the Canadian cryptocurrency market expands and matures, Newton is leading the way in implementing the financial controls that will safeguard the security and transparency of all customer funds. We know that some customers are concerned that what happened at Quadriga last year could happen again, and we want them to rest assured that it can’t happen at Newton.”
Newton is the first cryptocurrency platform to partner with a Canadian custodian. Customers can feel safe in knowing that Newton will store their funds with a custodian that offers the same controls and standard of care found in traditional financial sectors, allowing cryptocurrencies they hold to compete with other commodity asset classes, such as gold or oil.
“We’re extremely pleased to be working closely with Newton,” commented George Bordianu, Co-founder and CEO of Balance. “Balance is committed to promoting the need for strong financial controls and regulatory supervision for the local digital asset ecosystem, and Newton has demonstrated a commitment to this same vision.”
“This step will also ensure that customers will no longer need to know the ins and outs of cryptocurrency just to purchase and store it safely,” added Mr. Walper. “The transparency and security that an independent custodian offers will allow our customers to feel confident in the safety of their investment.”
About Newton Crypto Ltd.
Newton Crypto is Canada’s first commission-free cryptocurrency brokerage, with no funding or trading fees. Newton supports Bitcoin, Ethereum and Litecoin, with additional currencies to be added soon. Founded in 2018, Newton offers live trading on its platform, with trading volume growing 30 percent month over month since inception.
Wynn Theriault, Thirty Dash Communications