Olympia Trust has ended its plans to provide a Bitcoin custody service citing “internal risk appetite due to current market conditions.”
In April Olympia Trust entered into a letter of intent with KNØX Capital to be granted the exclusive Canadian license to use a proprietary Bitcoin custody system developed by Knox.
As part of the agreement Olympia Trust would acquire certain facilities and insurance policies used by Knox in the operation of the Custody System and the right to provide custody service to Knox’s existing Canadian customers.
Olympia Trust’s board of directors has decided not to proceed with the transaction and has elected to terminate the letter of intent between Olympia Trust and Knox.
Olympia conducts most of its operations through its subsidiary Olympia Trust, a non-deposit taking trust company. Olympia Trust Company is licensed to conduct trust activities in Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador, Prince Edward Island, New Brunswick and Nova Scotia.
Olympia Trust administers self-directed registered accounts, provides foreign currency exchange services and Corporate and Shareholder services.