Canadian firm KNØX has introduced a digital asset custody service for institutions and fiduciaries with a complete insurance coverage.
The service is developed in collaboration with Marsh, an insurance broker and risk adviser.
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It is designed to protect asset managers, liquidity providers and exchanges against losses incurred due to internal collusion or theft. The custody service will insure the clients up to the full value of their holdings.
KNØX co-founder and CEO Alex Daskalov said: “Entities who have their digital assets managed by a third party deserve the right to insurance.
“Too often, insurance policies are purchased for marketing purposes instead of transferring the risks that matter. Our insurance programme is designed to help fiduciaries meet their obligations.”
The custody offering comes with an intuitive product interface to support back office teams and fund administrators.
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By GlobalDataAdditionally, the firms can set internal control policies, rate limits and number of signatories as part of a customised governance model.
KNØX Board Member Brett Gibson said: “One of the largest issues with the way digital assets are insured by custodians in the market today, is that third-party custodians tend to provide partial insurance, or shared insurance limits, for the assets they custody.”
The KNØX custody account can be accessed with a dedicated terminal through an end-to-end system. Currently, KNØX is now exhibiting the product to institutions as part of an early access programme.
