Stablecorp and Balance Announce Partnership to Deliver Self-Sovereign, Insured, Secure Custody to All Grapes Finance Users with Wildeboer Dellelce as the Pilot User Français
Grapes Finance enables individuals and businesses to access blockchain-powered treasury management solutions, now including cost-effective custody in the user's legal title, provided by Balance
TORONTO, Nov. 22, 2022 /CNW/ -- Stablecorp and Balance, two leading blockchain financial service providers, today announced a partnership which allows users of Stablecorp's treasury management platform, Grapes Finance, to seamlessly access Balance's institutional grade custody solution, Balance Custody. Grapes offers its users a powerful platform for treasury management which provides access to foreign exchange and global payments systems in digital assets and fiat currencies and select access to yield and credit products via an integrated portal built on blockchain rails enabling enhanced transparency and control. Through this partnership, Grapes Finance users can now seamlessly onboard with Balance Custody and establish digital wallets in their own name while retaining control over these wallets through Grapes Finance's front end.
As an early adopter in the space, law firm Wildeboer Dellelce LLP has opened a Grapes Finance account and enabled integration with Balance Custody, empowering them to accept payments for legal services in select digital assets. These payments settle directly into the firm's wallet, secured by Balance's SOC 2 certified infrastructure, and can be held natively as digital assets or converted into fiat through Grapes' fiat offramp engines. Wildeboer Dellelce can also make payments in either digital assets or fiat globally using Grapes' cross-border payment rails.
"The ability to transact via digital assets and related infrastructure is a critical part of our future, provided various elements including cybersecurity protocols, insurance and AML processes, amongst others, are all integrated in a seamless manner," said Geoff Cher, Partner at Wildeboer Dellelce. "As one of Canada's leading technology-forward law firms and a pioneer in the digital asset space, we are excited to partner with Stablecorp and Balance to make and accept global digital asset payments in a secure and compliant manner."
"We believe this partnership ushers in a new standard for custody for both individual and small to medium-sized business users that is desperately needed in the market," said Alex McDougall, CEO of Stablecorp. "Currently, opaque commingled arrangements, complicated self-custody, or high monthly minimums for dedicated custody infrastructure are the only options available. Having access to zero monthly minimums, retaining full legal title, and having one-click access to treasury management functionality as offered through this partnership will be a complete game changer for these users, and more broadly, for the entire industry. While 'not your keys, not your crypto' might not be realistic to achieve in onboarding the next generation of scaled digital asset users, 'not your legal title, not your crypto' most certainly is."
"Traditionally, end-user assets are held at the custodian in the name of an intermediary such as a broker-dealer," said George Bordianu, CEO of Balance. "Users do not retain the legal title, nor can they directly access their assets independent of such intermediaries. There's no reason to keep doing that in this day and age. We're extremely excited to introduce this new model in partnership with Stablecorp, and to enable Wildeboer Dellelce and hopefully many others to take direct ownership and control over their digital assets."
Using the Grapes Connect functionality within the Grapes Finance platform, users can utilize the same information to automatically apply to onboard with Balance Custody, amongst other partners. The user's Balance Custody wallet is then connected to the Grapes Finance front-end, where the user can directly access and control their assets at the custodian using the Grapes Finance engine.
Stablecorp is a leading Canadian fintech firm building bank-grade blockchain technology. Through its three product lines – Forge, Grapes and YaaS – Stablecorp blends bleeding edge technology with innovative approaches to solving customer needs to create "step function" improvements in financial services. Stablecorp focuses on consumer and personal treasury management, including cross-border payments, FX and leading analytics on digital asset borrowing and lending solutions, all leveraging blockchain technology. For more information, visit https://www.stablecorp.ca and https://www.grapesfinance.com.
Balance is Canada's largest and oldest digital asset custodian, with over 5 years of experience serving clients. Their solution powers financial services companies such as over-the-counter trading desks, exchanges, lenders, and ATM networks.
Wildeboer Dellelce is one of Canada's premier corporate, securities and business transaction law firms. The firm is ranked by Chambers Canada 2022 as highly regarded for corporate work and was selected by Canadian Lawyer Magazine as one of the 'Top 10 Corporate Law Boutiques in Canada.'
Media Contact:
KCD PR for Stablecorp
Christopher Clemens
[email protected]
(801) 824-0032
SOURCE Stablecorp
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