07:23:13 EDT Tue 07 May 2024
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DMG Blockchain to form digital asset custody unit

2024-02-22 13:58 ET - News Release

Mr. Sheldon Bennett reports

DMG BLOCKCHAIN SOLUTIONS ANNOUNCES INVESTMENT IN DIGITAL ASSET CUSTODY SOLUTION

DMG Blockchain Solutions Inc. has committed $3.5-million to establish a Calgary-based independent digital asset custody solution for institutional clients.

The capital commitment is part of DMG's Core+ strategy and its mission to advance broader digital asset adoption by building credibility and trust in cryptocurrency and digital assets for investors. DMG will bring together secure institutional wallet solutions, strong insurance policies, rigorous risk management practices, best-in-class off-exchange liquidity, as well as innovative OFAC compliant and carbon-neutral blockchain solutions, to meet institutional demand. The capital commitment for this digital asset custody solution will be made over time and as required to support the regulatory review process.

Systemic Trust Company Ltd. is a wholly owned subsidiary of DMG, which subject to regulatory approval, will provide regulated custody of digital assets to institutional clients such as financial institutions, asset managers, corporations and public sector organizations seeking to manage digital assets. Systemic Trust will be overseen by an experienced and diverse board of directors.

Systemic Trust's directors include:

  • Nevin Markwart, CFA, CFP -- a successful investment industry chief executive officer who built businesses emphasizing entrepreneurial and fiduciary cultures, employee ownership and a laser focus on the client. Mr. Markwart co-founded Canoe Financial and was previously the head of Canadian Equities for Fidelity;
  • Matt Torigian, MBA -- a leader in policing and public administration in Ontario with a career that has spanned over 33 years in all aspects of community safety. Mr. Torigian previously served as Ontario's Deputy Minister of Community Safety;
  • Caroline Troy, MBA, CBV -- an expert in the Canadian capital markets at well-known North American full-service and boutique investment dealers. Ms. Troy has substantial expertise in the valuation industry through her involvement in numerous mergers and acquisitions, valuation and fairness opinion assignments, and financings;
  • John Place, LLB -- an experienced domestic and international corporate lawyer with leadership and expertise in compliance and ethics. Mr. Place is the director of compliance and ethics of a Canadian federal Crown corporation, as well as an independent board director of DMG;
  • Sheldon Bennett, CFE, MBA -- chief executive officer and director of DMG Blockchain Solutions and chair of Systemic Trust;
  • Lawrence Truong, CFA, MBA -- chief executive officer of Systemic Trust.

Systemic Trust welcomes Arshie Cheema (MBA, BSc-Eng) as its new chief operations officer. With over 25 years of experience in technical, architectural and operational leadership, Mr. Cheema is best positioned to deliver on its business objectives. Mr. Cheema served as an executive adviser, enhancing operational and security frameworks in cloud computing for two major globals (TC Energy and Cenovus) while also playing a key strategic role for a significant O&G merger and acquisition. Most recently as Binance Canada's chief technology officer, he spearheaded the implementation and launch of its crypto trading platform and digital asset custody service. "I am both elated and humbled to lend my expertise to Lawrence and the team, hoping that it will be consequential towards advancing Systemic Trust's operational capabilities."

Systemic Trust welcomes Alvin Leung (MBA, MEM, BSc-CS) as chief revenue officer. Mr. Leung is an accomplished go-to-market (GTM) leader with over 20 years of experience across various leadership roles (in marketing, product and data) in technology and tech-enabled industries. In addition to previously serving as the head of growth at Matic Insurance and a GTM leader at Meta Platforms (formerly named Facebook), Mr. Leung most recently led growth and marketing at database technology vendor Vaticle, where he successfully implemented a product-led growth (PLG) GTM strategy targeting tenured software engineers.

Systemic Trust welcomes Alessandro Tocco as chief compliance officer. Mr. Tocco leverages over 13 years of regulatory compliance, investigations and AML expertise. He spearheaded Binance Canada's anti-money laundering/anti-terrorist financing (AML/ATF) compliance program, creating comprehensive ML/TF risk controls and initiating a transaction monitoring program aligned with FINTRAC and FATF guidelines. In addition to overseeing the trade surveillance program at Bank of America and serving as a securities investigator at the Alberta Securities Commission, Mr. Tocco also served as deputy money laundering reporting officer (MLRO) at Irish Progressive Services International Ltd., where he collaborated closely on anti-money laundering and counter-terrorist financing matters.

Lawrence Truong will be leading Systemic Trust as chief executive officer, leveraging his 25 plus years of experience in the capital markets, expertise in regulatory compliance, extensive network and relationships that meet the compliance requirements expected by regulators and financial institutions alike. Mr. Truong commented: "I am excited to join the DMG family and plan to use my experience and expertise to build bridges between traditional finance (TradFi) and blockchain to further blockchain adoption. Given DMG's strong digital asset team, we will have the opportunity to build infrastructure that can service the needs of the largest financial institutions."

DMG's chief executive officer, Sheldon Bennett, added: "Lawrence brings a wealth of experience and contacts that could significantly enhance DMG's Core+ strategy to monetize bitcoin transactions. We are excited to add him to our team and focus the company's software development in a way that could significantly increase DMG's software revenue over time."

About DMG Blockchain Solutions Inc.

DMG is an environmentally friendly vertically integrated blockchain and data centre company that manages, operates and develops end-to-end digital solutions to monetize the blockchain ecosystem.

We seek Safe Harbor.

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