Partnership to provide a growing number of investors with simple, safe and secure way to access the full range of 3iQ's cryptocurrency offerings
TORONTO, Sept. 21, 2022 /CNW/ -- 3iQ Digital Asset Management (3iQ) together with Coinbase and Tetra Trust Company ("Tetra Trust" or "Tetra") 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.
About 3iQ Corp.
Founded in 2012, 3iQ Corp. (3iQ) is Canada's leading digital asset investment fund manager with more than C$700 million in assets under management. 3iQ was the first Canadian investment fund manager to offer a public bitcoin investment fund, The Bitcoin Fund (TSX: QBTC) (TSX: QBTC.U), and a public ether investment fund, The Ether Fund (TSX: QETH.UN)(TSX: QETH.U). More recently, 3iQ launched the 3iQ CoinShares Bitcoin ETF (TSX: BTCQ) (TSX: BTCQ.U) and the 3iQ CoinShares Ether ETF (TSX: ETHQ) (TSX: ETHQ.U). 3iQ offers investors convenient and familiar investment products to gain exposure to digital assets.
Coinbase is building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto. The company started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy. Built for institutions, Coinbase Prime integrates advanced agency trading, custody, prime financing, staking, staking infrastructure, market data, and reporting that supports the entire transaction lifecycle. We combine these capabilities with leading security, insurance, and compliance practices to provide institutional clients of Coinbase with a full-service platform to access crypto markets at scale.
About Tetra Trust
Founded in 2019, Tetra is Canada's first and only trust company licensed to custody digital assets. Tetra received its Certificate of Registration from the Government of Alberta on July 5, 2021 and meets the definition of a qualified custodian under National Instrument 31-103 and National Instrument 81-102. The Company is backed by Coinsquare, Canada's premier cryptocurrency exchange digital asset trading platform; Odyssey Trust Company, a leading North American transfer agent and trust company; Coinbase Ventures, an investment arm of Coinbase (NASDAQ: COIN) which is one of the world's largest publicly traded cryptocurrency exchanges; the Canadian Securities Exchange; Mogo Financial Inc. (TSX: MOGO); Urbana Corporation (TSX: URB); and others. Led by a first-class team of security and business experts and a Board of Directors with extensive trust company experience, Tetra delivers the most advanced digital asset storage technology in the industry. For further information visit www.tetratrust.com.
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This announcement and the information contained herein is restricted and is not for release, publication or distribution, in whole or in part, directly or indirectly in, or into or from the Australia or any other jurisdiction in which the same would be unlawful.
You will usually pay brokerage fees to your dealer if you purchase or sell units of the ETF on a stock exchange or other alternative Canadian trading system (an "exchange"). If units of the ETF are purchased or sold on an exchange, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them.
There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the ETF in its public filings available at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
Certain statements contained in this document constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this document and anticipated events or results and may include statements regarding the future financial performance of the funds managed by 3iQ. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.
Ryan Graham, JConnelly
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