Olympia Trust Company, a Canada-based, non-deposit-taking trust company, will soon receive an exclusive Canadian license to use a proprietary bitcoin custody system developed by Knox, according to a press release.

Both companies will determine the final shape of the agreement following the completion of due diligence.

“Upon completion of the transaction, it is anticipated that Olympia Trust will be one of the few Canadian financial institutions able to hold bitcoin as a ‘qualified custodian,’” per the release.
It is also anticipated that Olympia Trust will be able to provide custodial services to Investment Industry Regulatory Organization of Canada (IIROC) regulated investment dealers who offer bitcoin to their clients.”

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