TORONTO – 3iQ Digital Asset Management (3iQ) together with Coinbase and Tetra Trust Company are pleased to announce a new partnership aimed at expanding the exchange-traded product (ETP) ecosystem for digital assets in Canada and generating new interest from the investment community.
With this collaboration, Coinbase and Tetra will serve as custodians for 3iQ’s ETPs, including the 3iQ CoinShares Bitcoin ETF (TSX: BTCQ) and the Bitcoin Fund (TSX: QBTC), which became North America’s first bitcoin ETP when it launched in April 2020. They will also serve as custodians for 3iQ CoinShares Ether ETF (TSX: ETHQ) and the Ether Fund (TSX: QETH). 3iQ has also selected Coinbase Prime to provide crypto trading, prime brokerage and reporting capabilities for its crypto ETP products. 3iQ will be transitioning out of its current custodianship arrangements, and this new partnership is expected to come into full effect over the next few months.
“3iQ’s goal is to continue innovating within the digital assets ecosystem in North America and across the globe,” said Fred Pye, Chairman and CEO of 3iQ. “By joining forces, we believe our collective industry leadership will further ensure that investors have their digital assets stored and settled within a safe and secure environment. We look forward to introducing new strategies and supporting cutting-edge products while working to strengthen the overall crypto landscape.”
“Coinbase is proud to be partnering with 3iQ as their exclusive prime broker and as a custodian partner along with Tetra,” said Steve Capozza, Director of Coinbase Institutional Sales. “With powerful financing capabilities and flexible operational workflows, our solution helps ETP issuers bridge the gap between the world of T+2 settled traditional securities and instantly-settled crypto assets.”
“Tetra is excited to be working with 3iQ and Coinbase to create a superior custody model for the Canadian crypto ETP segment,” said Didier Lavallée, CEO of Tetra Trust. “Our inclusion in this partnership is a validation for our made-in-Canada regulated custody solution for digital assets, and we believe our unique value proposition will help support further development of the Canadian ecosystem.”
From the perspective of institutional investors, packaging digital assets in an exchange-traded vehicle delivers leading fund technology with established credibility and operational efficiency. The structural attributes of ETPs provide investors with the confidence to invest with low costs, liquidity and transparency. Such products can present an attractive opportunity for investors, and particularly for those who may be evaluating and entering the crypto space for the first time. Having trusted partners with their own specific expertise working together can lead to scalability and a runway to further adoption. To learn more about 3iQ’s digital assets ETP offerings, visit www.3iQ.ca.
Source: 3iQ
