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Olympia Financial Scraps Plans to Enter Bitcoin Custody Business
As part of the termination, Olympia ended an agreement it announced in April to use Knox Capital's bitcoin custody system.
Updated Sep 14, 2021, 1:06 p.m. Published Jun 4, 2021, 10:04 p.m.
Olympia Financial, a Canada-based trust company, ended its plans to provide bitcoin custody service citing "internal risk appetite due to current market conditions."
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- As part of the termination, Olympia ended an agreement it announced in April with Knox Capital to use that company's bitcoin custody system to provide custody services.
- On April 21, when Olympia's deal with Knox was announced, the price of bitcoin was in the mid-$50,000 range, a week after the leading cryptocurrency reached an all-time high of $64,829.14.
- In mid-May the price started falling, briefly falling below $30,000. In recent trading, the price of bitcoin was at $37,214.99, down 3.97% in the last 24 hours after Tesla CEO Elon Musk tweeted a broken heart emoji implying he was "breaking up" with bitcoin.
Read more: Market Wrap: Musk-Induced Sell-Off Spurs Crypto Price Drop Before a Slight Recovery
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