Olympia Money Team Announces Bitcoin Custodian Enterprise
Olympia Money Team Inc. (“Olympia“) (TSX: OLY) is delighted to announce that Olympia Trust Business (“Olympia Trust“) has entered into a letter of intent (“LOI“) dated April 21, 2021 with Knox Funds Inc. and Knox Industries Inc. (collectively, “Knox“) pursuant to which, subject matter to the satisfaction of certain ailments, Olympia Have faith in will be granted the exceptional Canadian license to use a proprietary Bitcoin custody program (the “Custody Process“) formulated by Knox. In addition, Olympia Trust will acquire particular facilities and insurance policies insurance policies employed by Knox in the procedure of the Custody Procedure and the proper to present custody provider to Knox’s existing Canadian buyers (the “Transaction“).
On completion of the Transaction, it is anticipated that Olympia Trust will be one particular of the few Canadian financial establishments equipped to keep Bitcoin as a “certified custodian”, underneath Nationwide Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and as a “custodian” below Nationwide Instrument 81-102 Investment decision Resources. It is also expected that Olympia Belief will be capable to deliver custodial solutions to Investment Marketplace Regulatory Group of Canada (IIROC) regulated expense dealers who offer Bitcoin to their purchasers.
Mr. Craig Skauge, President & CEO of Olympia Have confidence in, reported: “Getting in a position to offer you Bitcoin custody is a all-natural evolution of our standard company trust services. The appetite for institutional investors to maintain Bitcoin continues to improve. By deploying this most effective-in-class custody remedy in partnership with Knox, Olympia will be nicely positioned to provide the Canadian market place.”
Mr. Alex Daskalov, CEO of Knox, said: “The Canadian sector has struggled with a absence of good quality institutional Bitcoin custody alternatives. In Olympia Belief, we noticed a storied Canadian establishment with decades of knowledge, who shares our optimism on this option. We are proud to announce our partnership, pairing Olympia’s keep track of record and practical experience with Knox insurable Bitcoin custody infrastructure, producing the safest compliant option for the Canadian market.”
The remaining structure of the Transaction will be identified by the parties adhering to the completion of owing diligence. Completion of the Transaction will be issue to the pleasure of specified ailments precedent, such as Olympia completing a satisfactory owing diligence investigation, the get-togethers mutually agreeing to the terms of and executing ultimate definitive agreements (the “Definitive Agreements“) and sure other customary disorders. As thing to consider for the grant of license and the transfer of property and customers, it is expected that Knox will get a a person-time price of $500,000 and a share of future earnings produced by the license and property obtained by Olympia from Knox. Pursuant to the conditions of the LOI, the parties intend to indicator the Definitive Agreements in the 3rd quarter of 2021 with an envisioned closing by the finish of that quarter.
About Knox Funds Inc.
Based in Canada and running throughout the United States, Canada, European Union, and United Kingdom, Knox is an insured Bitcoin custody company focused on cryptocurrency vital management, permitting cryptocurrency service suppliers, buyers, and fiduciaries to mitigate the threat of theft and reduction. Institutional buyers in Knox include things like Initialized Funds, iNovia Capital, Ferst Cash Associates and FJ Labs.
On December 17, 2020, Knox announced the productive completion of a SOC 2 Form II audit, starting to be the only Bitcoin custody provider in Canada with a SOC 2 Variety II certification.
For even further information visit www.knoxcustody.com
About Olympia Economical Team Inc.
Olympia conducts most of its functions through its subsidiary Olympia Have faith in Corporation, a non-deposit having have confidence in enterprise. Olympia Rely on Business is accredited to conduct trust functions in Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador, Prince Edward Island, New Brunswick and Nova Scotia. Olympia Rely on Firm administers self-directed registered accounts, presents overseas forex exchange providers and Corporate and Shareholder products and services. Olympia also features private wellbeing products and services programs by way of its subsidiary Olympia Benefits Inc. and supplies details engineering products and services to exempt industry sellers, registrants and issuers by its Exempt Edge division.
Olympia’s widespread shares are stated on the Toronto Stock Exchange below the image “OLY”.
Statements Relating to Forward Hunting Facts
Particular parts of this push launch as effectively as other general public statements by Olympia comprise “ahead-hunting info” inside the meaning of relevant Canadian securities laws, which is also referred to as “forward–looking statements”, which might not be based mostly on historical reality. Wherever attainable, text these types of as “will”, “designs,” “expects,” “targets,” “go on”, “estimates,” “scheduled,” “anticipates,” “thinks,” “intends,” “may,” and very similar expressions or statements that specific steps, events or effects “may,” “could,” “would,” “could possibly” or “will” be taken, manifest or be reached, have been made use of to detect ahead-wanting information. Ahead-hunting statements contained in Olympia’s public disclosure involve, with no limitation, Olympia’s earnings anticipations, price money, price degrees, typical economic, political and market components in North America and internationally, desire and foreign exchange rates, world-wide fairness and money marketplaces, organization competitors, technological improve, alterations in govt regulations, sudden judicial or regulatory proceedings, catastrophic gatherings, and Olympia’s ability to comprehensive strategic transactions and other variables. In addition, this information launch is made up of ahead-wanting statements relating to: (a) the terms and situations of the Transaction. (b) irrespective of whether the Transaction will be accomplished (c) if the Transaction is completed and, if done, the date on which the Transaction is completed and (d) the cryptocurrency custodian enterprise that Olympia anticipates that it will be able to operate following the completion of the Transaction.
All materials assumptions applied in building forward-seeking statements are based on management’s expertise of current organization ailments and anticipations of long term small business conditions and developments, such as their awareness of the present-day fascination fee and liquidity problems influencing Olympia and the Canadian overall economy. Sure material variables or assumptions are applied by Olympia in building forward-on the lookout statements, together with without limitation, things and assumptions regarding interest and overseas trade charges, availability of important staff, the outcome of competition, governing administration regulation of its enterprise, pc failure or safety breaches, upcoming money specifications, acceptance of its products in the marketplace, its functioning charge composition, the existing tax regime and the capacity of Olympia to attain important third-celebration and governmental approvals, as relevant.
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Contacts
Olympia Monetary Team Inc.
Craig Skauge, Govt Vice President
E mail: [email protected]
Cell phone: (403) 261-8459