Canada's crypto industry turns to Alberta's ATB Financial
Crypto companies in Canada have found an unlikely ally — a bank owned by the Alberta government.
ATB Financial, a provincial crown corporation, has become one of the most reliable banking partners for the crypto and blockchain industry at a time when other financial institutions are refusing service — and when Alberta’s government is targeting billions more in revenue from blockchain firms.
“Crypto companies saw that Alberta is a business-friendly province, and so they started moving there and sort of lobbying for better requirements and for more access to banking,” said Eric Richmond, general counsel and head of business development at Shakepay Inc., a Canadian crypto trading platform and a client of ATB.
The province at the centre of Canada’s oil and gas industry is used to booms and busts. Home to 4.9 million people, Alberta began wooing the crypto industry in 2021, during the currencies’ last bubble.
“There was one point where many companies in Canada actually moved operations to Alberta just to be able to work with ATB,” said Koleya Karringten, executive director of the Canadian Blockchain Consortium, an industry group.
The Alberta government wants the crypto and technology industry to reach $5 billion in revenue by 2030.
“We identified crypto and blockchain as a key part of our business a few years ago,” said Rick Christiaanse, chief executive officer of provincial crown corporation Invest Alberta. “Our abundant energy and just our friendly regulatory environment make this a priority for this government.”
Invest Alberta offers services to the industry, such as guidance on paperwork filing and location suggestions, and can recommend banks that are open to serving crypto firms.
“We know who plays and who doesn’t and
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