25/09/19 06:52 UTC-4

100% insurance of crypto-assets through the new Canadian KNØX service

CryptocurrencyKNØX service insures 100% of cryptocurrency assets
KNØX service insures 100% of cryptocurrency assets

Today, the KNØX custodian cryptography provider has begun work. The service shared information with The Block and announced that it is launching full insurance coverage of cryptocurrency assets.


Launch and features of the provider

The new Canadian cryptocurrency provider on the market said it provides up to 100% insurance coverage for crypto-assets of customers. KNØX implements safe asset conservation through Marsh insurance giant and partner. According to Alex Daskalov, CEO of the project, the service "is able to provide insurance for the full value of customer assets" in contrast to other solutions on the market that give a "false sense of security."

In turn, KNØX offers insured services on a "cold storage" basis and charges customers a fee based on their stored assets and on their selected insurance payments, which can reach 100% of the value of the assets.

The provider said that it received the first "multi-million dollar deposit" of bitcoins (BTC) in the summer of 2018. And at the moment, he has raised $6.2 million from a group of companies headed by Initialized Capital and iNovia with the participation of Fidelity Investments Canada, FJ Labs and Ferst Capital. Now, after a public launch, financial institutions, including asset managers, liquidityLiquidity
– is a term that means the ability to sell any financial assets (below or above the market price). The term “liquidity” in Latin means “liquid”, “flowing”.Details
providers and exchanges, can subscribe to KNØX services.

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Marsh Senior Vice President Jennifer Hustwitt told The Block: "There are a number of risks associated with crypto-assets that remain uninsured, but the digital asset insurance market is expanding. Over the past six months, we have seen a significant expansion of the insurance potential, as the technology continues to evolve and a regulatory framework appears."


See also: "50% of the Libra currency basket will consist of the US dollar"

#cryptocurrency #assets #insurance #assetinsurance #coldstorage #Canadianservice KNØX

Editor: Godfrid Brower


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