TORONTO, May 27, 2020 (GLOBE NEWSWIRE) -- Bitbuy, a Canadian owned and operated digital currency platform, announced today it has entered into a partnership with Knox, an institutional Bitcoin custody provider with a comprehensive insurance policy.
The partnership, which allows Bitbuy users to store their bitcoin holdings in an offline vault with insurance up to the full value of the holdings, marks a significant development for the cryptocurrency industry in Canada. Bitbuy will be moving its existing bitcoin holdings over to Knox, who will securely store these assets in an insured custody account.
This enhanced level of customer protection constitutes Bitbuy’s industry leading push for best practices while the cryptocurrency industry in Canada awaits greater regulatory clarity.
The Knox insurance policy covers the risk of bitcoin theft and loss, including internal theft such as collusion, up to the full value of the holdings held in cold storage subject to the full policy terms, conditions and exclusions.
Knox’s insurance broker Marsh will provide an insurance certificate in Bitbuy’s name to validate the coverage. Bitbuy customers will not see any increase in their fees as a result of this security enhancement nor will any action be required to take advantage of this service. Bitbuy will be Knox’s first exchange partner to be able to provide its customers with this insured Bitcoin wallet offering.
“We suspect Bitbuy will be a trend-setter in the industry by focusing their effort on trade execution, allowing their clients’ assets to be stored with a custodian focused on mitigating custody risk with comprehensive insurance.” said Alex Daskalov, CEO of Knox.
Bitbuy and Knox’s relationship traces back to 2018, when the firm was still in the research and development phase.
Adam Goldman, President of Bitbuy added: “We established a strong relationship with Knox during their development cycle. Now that we are live in-market with their offering, Bitbuy is setting a new industry standard for the safekeeping of client assets.”
About Bitbuy
Bitbuy is a Canadian owned and operated digital currency platform. The company’s mission is to provide convenient, dependable and secure access to bitcoin and other digital currencies. Bitbuy currently operates out of downtown Toronto and is a wholly owned subsidiary of First Ledger Corporation. Bitbuy was founded in 2016, and is currently one of Canada’s largest cryptocurrency platforms by trading volume.
About Knox
Based in Canada, Knox is a Bitcoin custody provider focused on insured key storage, allowing service providers, investors and fiduciaries to mitigate the downside risk of theft and loss. Knox is on a mission to facilitate an ethical financialization of Bitcoin, with financial services focused on risk management.