Bitcoin Gateway

Bitcoin is a form of digital currency that uses blockchain technology to support transactions between users on a decentralized network. New Bitcoins are created as part of the mining process, as a reward to people whose computer systems help validate blocks of transactions. Bitcoin can be a highly volatile in terms of Canadian or U.S. Dollars, but has become more mainstream in the past several years.  Neither Bow Valley Credit Union, Balance, nor Bull Bitcoin can assure the nominal price of Bitcoin.

Bitcoin Gateway is designed as an introductory way for any Bow Valley Credit Union Member to get access to Bitcoin.

Most trading platforms don’t sell you actual Bitcoin. Rather what you get is a claim on Bitcoin on their platform, effectively a “paper” contract called a crypto contract, since the platform itself hold the legal title to the Bitcoin after the purchase, not you.

If a crypto trading platform goes bankrupt like FTX did in 2022, you could lose your assets.

With your real, non-paper contract, Bitcoin safely and securely stored at Balance in your direct name and title, disasters such as FTX are not possible.

Also, you can easily move your Bitcoin value to fiat currency using a Bow Valley Credit Union account. Through your Bow Valley Credit Union account you can use traditional banking rails such as cash, cheques, e-transfer, bill payment, AFTs, EFT, credit cards, wires, and so on.

You can store value in Bitcoin while using a traditional medium of exchange such as the Canadian dollar to pay for goods and services. You get the best of both worlds: exposure to Bitcoin but with the ability to live your life using traditional means.

Yes!

All three companies that make the Bitcoin Gateway possible are Alberta based. Bow Valley Credit Union is headquartered in Cochrane, Alberta and for 71 years our staff have been Alberta based. Balance is headquartered in Calgary, Alberta, and is Canada’s oldest and largest digital asset custodian. Bull Bitcoin is also based in Calgary, Alberta, and Canada’s most trusted Bitcoin exchange since 2013. Bitcoin Bull as a liquidity provider sends Bitcoin directly to your wallet at Balance within minutes.

Alberta has become a hub for Bitcoin technology and the epicenter for the Bitcoin Gateway project. Unfortunately, at this time, we cannot offer this service to people and businesses residing outside of Alberta.

Your Bitcoin is held in Balance’s offline wallets, generated and managed on custom-built miliary-grade hardware. That hardware is kept in bank-grade vaults that are geographically distributed across North America and are access controlled, monitored, and protected 24/7/365 by armed guards.

Military-Grade Offline Storage:

• Private keys are generated, stored, and managed offline on custom built Hardware Security Modules (HSMs) that are either CC EAL4+ or FIPS 140-2 Level 3 certified.
• The HSMs are kept in bank-grade vaults that are geographically distributed across North America and are access controlled, monitored, and guarded 24/7.
• We backup private keys through two fully redundant and independent systems.
• Transaction signing happens entirely offline and is cryptographically approved by the client.

Strick Internal Controls:

• Multi-factor authentication and tier-based access controls regulate access to infrastructure.
• Sensitive data is encrypted when in transit over public networks and at rest.
• All employees are subject to initial and ongoing criminal background and credit checks.
• We restrict employee access based on role, following the principle of least-privilege.
• Our employees are never in personal possession of or have direct access to any assets.
• Our co-founders are unable to independently transfer any of your digital assets.
• Our offices do not store or contain anything of value.

Customizable Security Controls

• Platform access is restricted to whitelisted devices and locations.
• Multisig approval workflows can restrict transfers at the user level.
• Multisig approval workflows can restrict external account access at the user level.
• API keys and access is configured at the user level.
• Users can be restricted from sending transfers out of or viewing certain wallets.
• Users can be restricted from sending transfers to certain external accounts.

Transfers and external account changes can be approved on the go with our mobile app.

Yes, subject to Balance’s crypto crime insurance policy:

• $10M USD of coverage protects your offline assets against dishonest acts of the custodian, targeted cyber-attacks, physical loss, or physical damage.
• $750M USD of extra capacity is available on demand, for an additional cost. Contact support@balance.ca to discuss any custom needs.

Balance maintains one of the best ratios of assets insured to assets under custody in the industry.

Yes!

You can take your Bitcoin into self-custody at any time directly from Balance.

However, with it being within your self-custody, you lose the ability to transfer the value of your Bitcoin to your fiat Bow Valley Credit Union account easily. Also, once in self-custody it is no longer insured and maybe not a secure as being held with Balance.

No. Not yet.

If your intention is to have your Bitcoin held in custody and borrow against it, stay tuned for updates. Although there are not official timelines yet, we are actively working on it.

Unlike most crypto trading platforms, Bull Bitcoin does not hide their spread. We quote a lower rate when users sell Bitcoin and a higher rate when users buy Bitcoin, just like traditional currency exchanges. Premiums are known upfront and what you see is what you get. All Bow Valley Credit Union members get preferential pricing for buying or selling Bitcoin through Bull Bitcoin on the BVCU Bitcoin Gateway.

Instant Bitcoin price lock-in

As soon as you send your order, the Bull Bitcoin exchange rate is fixed. Other platform require you to send the Bitcoin first and wait for the deposit transaction to confirm on the blockchain before you can execute a sell. On the BVCU Bitcoin Gateway, the exchange rate is locked-in instantly.

Fast and reliable fiat settlements

Tens of thousands of Albertans trust Bow Valley Credit Union to send and receive from their accounts. As soon as your Bitcoin transaction is confirmed on the BVCU Bitcoin Gateway, transfers of fiat currency to your Bow Valley Credit Union account are nearly instant.

Need support with your account? For a secure encrypted chat, visit app.bullbitcoin.com.

HNW individuals looking for white glove experience should book a call here.

Please use support@balance.ca or 1.833.225.7030