Balance has introduced Balance Custody where it has added support for eight major cryptocurrencies.
The list includes Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Dash (DASH), Ripple (XRP), and Stellar Lumens (XLM).
Fiat funding and withdrawal are in full compliance with the Proposed Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, published in Part I of Canada Gazette Vol. 152, No. 23, on June 9th, 2018. So yes, nothing is shady or illegal here.
As reported by businesswire, this is backed by unmatched yearly fee of 50 basis points per year.
For those who do not know about Balance, it is Canadian leader in digital asset management and storage services. Its products target institutional, retail customers, as well as merchants. Balance aims to bring price stability to commerce by allowing consumers and merchants to use diversified baskets of cryptoassets as cash. This is enabled by their flagship technology, the Digital Asset Cache (DAC).
Balance Custody was being tested by the company since August 2017. This helped them to improve the entire process and offer a user friendly solution to its customers. Financial transparency is available through a set of tools auditing of each asset, from sourcing to liquidation. For more information visit www.balancenow.ca.