Two Alberta-based fintech companies working together with Tetra providing the custodial infrastructure to Accelerate’s digital assets. Agreement includes custody for the new Accelerate NFT Fund, which is Canada’s first Web3 investment vehicle.
Accelerate Financial Technologies Inc., a leader in alternative investment solutions, announced it has selected Tetra Trust Company to custody Accelerate’s digital assets. Initially, the Accelerate NFT Fund LP (“Accelerate NFT Fund”), the first Web3 investment vehicle in Canada, will utilize Tetra’s custody solution which enables clients to store and settle their digital assets within a secure environment.
Calgary-based Accelerate is one of Canada’s fastest growing alternative investment solution providers, with a suite of alternative exchange-traded funds (“ETFs”), crypto ETFs and DeFi funds. The recently announced Accelerate NFT Fund taps into a global non-fungible token (“NFT”) market with $18 billion in trading volume in 2021, according to NonFungible.com, a Canadian analytics specialist.
“We are very pleased to enter into an agreement with Tetra Trust to offer institutional-caliber custody of our digital assets, including for our new NFT fund,” said Julian Klymochko, Founder and CEO of Accelerate. “Safe storage is paramount when investing in NFTs and Tetra’s custody solution provides clients with absolute confidence in the security of their digital assets.”
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As Canada’s first qualified custodian for cryptocurrency and digital assets, Calgary-based Tetra enables Canadians to invest in cryptocurrencies and with absolute confidence in the safety and security of the underlying assets. By leveraging its partnership with Knox Custody, Tetra is able to offer the first institutional-grade custody solution for NFTs.
“Cryptocurrencies and digital assets such as NFTs are generating interest with investors who want such assets professionally managed, safe and secure, and fully compliant with regulations,” said Didier Lavallée, CEO of Tetra Trust. “Our custody solutions for investors provide all these features. We expect to provide custody for additional Accelerate digital asset offerings beyond the NFT fund as we further develop our relationship. Accelerate is a great partner with a strong background in this space as its management team also launched Canada’s first bitcoin fund in 2017.”
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The innovation being shown by companies like Accelerate and Tetra has captured the interest of government at the federal and provincial levels.
Nate Glubish, Minister of Service Alberta, has long been a strong supporter of the digital assets sector. “The partnership between Accelerate and Tetra is very exciting, and is evidence of Alberta’s leadership in the crypto space. These two industry leaders are providing best-in-class products to Canadians, and I look forward to following along as they develop new investment products and provide more choice and convenience to those Albertans interested in the digital asset space.”
The Accelerate NFT Fund will own a diversified portfolio of “blue chip” NFTs, including collections such as CryptoPunks and Bored Ape Yacht Club. NFTs are a new type of crypto asset that combine digital art with elements of blockchain and social networks. Accelerate NFT Fund is available for accredited investors via private placement subscription.
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