Tetra Trust will acquire some elements in Knox’s foster insurance coverage.
Tetra Trust, a licensed custodian in Canada has partnered with Knox, a cryptocurrency custody provider.
According to Knox CEO Alex Daskalov, the deal is about combining Tetra’s regulated status with certain aspects of Knox’s crypto custody competence, such as insurance coverage. It is not acquisition in the classic sense.
“While Tetra Trust is acquiring many physical elements of our custodial stack to run under the Tetra Trust roof, this is not an acquisition of Knox itself,” Daskalov said in an email. “Knox will remain independent and focused on advancing institutional-grade custodial technology and insurance coverage.”
Canada’s Impact In Crypto Trading
Strategic collaborations and acquisitions, some very significant fundraising rounds, and varying degrees of institutional-friendly legislation and licensing are all part of the jockeying for position in the crypto custody space.
Canada is an intriguing instance because, while it is one of the top jurisdictions for physically-settled crypto goods, it lags in terms of domestic qualified custody choices, according to Daskalov.
“Knox acquired some complete insurance policies that hadn’t been seen elsewhere,” Daskalov said. “But the qualified custody bit escaped us, and getting that is a massive undertaking.” “So, rather than obtaining a regulated certification, we decided to focus on technology,” says the company. “As a result, we’ve joined forces and established an insured qualified custodian.”
