Sibos: KNØX launches new digital custody service with Marsh
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Sibos: KNØX launches new digital custody service with Marsh 24 September 2019Montreal Reporter: Jenna Lomax
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KNØX has launched a digital asset custody service that includes insurance coverage.
KNØX’s new custody platform offers insurance coverage up to the full asset value held under custody, a product interface for back-office teams and fund administrators, as well as internal control policies on transactions that can be defined by clients.
The new service will allow clients can access their KNØX custody account through a terminal via a secure end-to-end system.
Internal control policies—rate limits and the number of signatories—are set by firms as part of its governance model.
KNØX’s clients include asset managers, liquidity providers, and exchanges.
The KNØX insurance programme was developed in association with Marsh, an insurance broker and risk adviser.
Alex Daskalov, co-founder and CEO of KNØX, commented: “Entities who have their digital assets managed by a third party deserve the right to insurance.”
He added: “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.”
Commenting on the announcement, Brett Gibson, a KNØX board member, 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.”
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