RATE Group | Canadian Exchange Bitbuy to Offer 1:1 Bitcoin Deposit Insurance
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Canadian Exchange Bitbuy to Offer 1:1 Bitcoin Deposit Insurance

28 May Canadian Exchange Bitbuy to Offer 1:1 Bitcoin Deposit Insurance

Posted at 09:13h in Bitcoin News by

Toronto-based cryptocurrency exchange, Bitbuy, now offers full insurance on all Bitcoin (BTC) deposits in an apparent first for the industry, according to a press release shared with Cointelegraph on May 27.

The platform claims that the full value of its Bitcoin cold storage holdings is insured as a result of a partnership with Knox, a Canadian Bitcoin custody provider which normally caters to institutional investors and service providers. 

“The funds that Bitbuy are transferring into our custody system are insured for the full value of the holdings, and this is effective immediately,” Knox CEO Alex Daskalov told Cointelegraph.

According to Daskalov, Knox’s custodial offering is composed of a mix of proprietary software and hardware, and “a very elaborate global logistics system that we have spent years constructing and battle testing”.

For its services, Knox charges AUC fees of up to 100 bps, “all while removing the burden of managing a globally distributed custodial…

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