Accelerate NFT Fund, launched in 2022, is Canada’s first Web3 investment vehicle. Its development points to additional opportunities in blockchain-related investing. The NFT Fund is supported by Canadian crypto custodian Tetra Trust and uses Ledger Enterprise to ensure safe and secure storage of the Fund’s digital assets.
CALGARY, Alberta, Nov. 16, 2022 (GLOBE NEWSWIRE) — Accelerate Financial Technologies Inc. (“Accelerate”), one of Canada’s fastest growing alternative investment solution providers, announced it has recently acquired five “blue-chip” non-fungible tokens (“NFTs”) for its Accelerate NFT Fund LP (“Accelerate NFT Fund”). The Fund’s NFTs and cryptocurrency are securely stored in Tetra Trust Company’s custody solution.
As Canada’s first Web3 investment vehicle, the Accelerate NFT Fund was launched on July 29, 2022, to provide investors exposure to the NFT market. NFTs are a new cryptocurrency asset that combines digital art with blockchain, culture and social network elements. The NFT market recorded US$1.6 billion in traded volume in the third quarter of 2022, according to Canadian analytics specialist NonFungible.com. As these assets continue to mature and gain in popularity, investors demand that digital assets be professionally managed, safely and securely, and be fully compliant with regulations.
“Web3 represents the next era of the internet, and NFTs allow users not just to participate but also own Web3. The safe storage and secure custody of these digital assets is vital to more investors participating in such high-growth Web3 investment opportunities. That is why Accelerate has partnered with the Canadian crypto custodian Tetra Trust and uses the digital asset wallet management solution called Ledger Enterprise to provide clients with institutional-grade custody for their digital assets,” said Julian Klymochko, Founder and CEO of Accelerate.
Accelerate has been pleased with the growth and the interest investors have shown in the new NFT Fund. This interest comes at a time when the NFT market has been challenged in terms of the safety and security of such crypto assets. Accelerate believes in the long-term potential of NFTs and sees opportunities for additional asset classes to be added to the blockchain. Accelerate is working with Tetra Trust and Ledger to map out strategies to safely bring these assets to investors in the near term.
“Tetra Trust is Canada’s first qualified custodian for cryptocurrency and digital assets, and our goal is to provide Accelerate and its clients with absolute confidence in the safety and security of the underlying assets. We offer institutional-grade custody solutions for these NFTs and will do so for the additional Web3 products that Accelerate chooses to bring to the market,” said Didier Lavallée, Tetra Trust’s CEO.
Tetra Trust is currently partnering with Ledger Enterprise for secure information technology infrastructure for Web3 products whereas Tetra had previously relied on Knox Custody.
“Ledger Enterprise provides the state-of-the-art security t