Fidelity-backed crypto custody provider KNØX launches today, claiming to provide up to 100% insurance via Marsh

Quick Take

  • An institutional crypto custody provider, KNØX, launches today with backing from Fidelity Investments Canada
  • KNØX claims to provide up to 100% insurance for its custody solution via insurance giant Marsh
  • Alex Daskalov, co-founder and CEO of KNØX, told The Block that the firm’s custodial service is “capable of insuring the full value of a customer’s assets”

A new Canada-based cryptocurrency custody provider has entered the marketplace, claiming to provide up to 100% insurance coverage for clients’ assets.

KNØX, which is backed by Fidelity Investments Canada, has officially launched, according to an announcement Tuesday. The startup said it recently raised $6.2 million in funding led by Initialized Capital and iNovia, with participation from Fidelity Investments Canada, FJ Labs, and Ferst Capital.

Alex Daskalov, co-founder and CEO of KNØX, told The Block that the round formally closed in June 2018, and that the firm had been operating “silently” since then. Now with the public launch, financial institutions, including asset managers, liquidity providers, and exchanges, can sign up to KNØX’s services.

KNØX said it provides up to 100% insurance coverage via its partner and insurance giant Marsh. “Our custodial service capable of insuring the full value of a customer's assets,” Daskalov told The Block.

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