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Today Knox announced that it is the first and only custodian in Canada with SOC 2 Type II certification. Read more to the press released shared by Knox below:

MONTREAL – December 17, 2020 – Earlier in 2020, Knox allowed the world’s first bitcoin exchange to be protected from the full value of their customers’ property. Later that year, we announced the successful completion of a SOC 2 Type II audit, making us the only custodian in Canada with SOC 2 Type II certification. This is an important milestone for Knox and the Canadian Bitcoin industry, historically tainted by catastrophic data breaches and the loss of customer money. Combined with the most comprehensive bitcoin insurance policy in both the breadth of risk coverage and depth of limit capacity, Knox strengthens its position as a leading risk management firm providing custody services to investors, funds and corporate clients.

SOC 2 Type II attestations are essential to demonstrate that robust internal controls and security processes are in place within our company for both their design and implementation, further demonstrating maturity in our organizational governance. As part of the investigation, our auditors collected internal documentation and conducted rigorous testing of our risk management framework, internal controls, data access and security around critical retention infrastructure.

“Combined with our comprehensive insurance policy bound by Marsh, the SOC 2 Type II certification is an excellent demonstration of our ability to comply with the industry-leading internal controls we have established for ourselves, our customers and our insurers,” said Christopher Banks , Financial Controller at Knox Custody.

Third party certifications, such as SOC 2 Type II, which stands for System and Organization Controls (SOC), then review and test controls against the Trust Services Criteria, providing an additional level of verification of our internal systems, which are covered by the control. The review and audit includes a thorough test of the effectiveness of Knox’s custody infrastructure, underlying database controls and physical security measures. Such controls are essential to provide our customers with insurance that is complementary to our current insurance policy.

“We have decided to supplement our insurance with a SOC 2 Type II audit to continue to provide strong guarantees of safety and reliability around Knox to all market participants. Our goal is to improve security standards around bitcoin custody services, ”said Alex Daskalov, CEO at Knox Custody.

In traditional technology and financial services industries, SOC 2 ratings are the norm to demonstrate security guarantees and regulatory compliance. At Knox Custody, our goal is to provide responsible custody services based on rigorous risk management principles to safeguard clients’ bitcoin holdings and protect them with a comprehensive insurance policy. We have now reached both milestones and are excited to continue with a robust custodial service for companies, funds and investors who want to rely on a trusted partner.

As greater risks come from custodial service providers, security standards will emerge and their correct implementation will be considered not only important but also critical. By offering responsible products and services to sophisticated market participants, our customers have strict tenders from suppliers to minimize their risk exposure. As the industry matures with more sophisticated participants, due diligence procedures will necessarily be strengthened, and rightly so. The successful completion of SOC 2 Type II is not only a recognition of the industry’s maturation, but also a demonstration of Knox’s commitment to advancing custodial risk management in the Bitcoin industry.

Based in Canada, Knox is a Bitcoin custodial provider focused on key management with 1: 1 insurance coverage, enabling service providers, investors and fiduciaries to reduce the downside risk of theft and loss. Knox is on a mission to enable an ethical financialization of Bitcoin with financial services focused on risk management. Institutional investors include Fidelity Investments Canada, Initialized and iNovia.

http://knoxcustody.com/

Alex Daskalov, Chief Executive Officer

daskalov@knoxcustody.com

+1 (647) 616-0348

Thibaud Maréchal, Vice President

thibaud@knoxcustody.com

+33 6 18 53 84 88

The press release below has been provided to Bitcoin Magazine by Knox:

MONTREAL – December 17, 2020 – Earlier in 2020, Knox allowed the world’s first bitcoin exchange to be protected from the full value of their customers’ property. Later that year, we announced the successful completion of a SOC 2 Type II audit, making us the only custodian in Canada with SOC 2 Type II certification. This is an important milestone for Knox and the Canadian Bitcoin industry, historically tainted by catastrophic data breaches and the loss of customer money. Combined with the most comprehensive bitcoin insurance policy in both the breadth of risk coverage and depth of limit capacity, Knox strengthens its position as a leading risk management firm providing custody services to investors, funds and corporate clients.

SOC 2 Type II attestations are essential to demonstrate that robust internal controls and security processes are in place within our company for both their design and implementation, further demonstrating maturity in our organizational governance. As part of the investigation, our auditors collected internal documentation and conducted rigorous testing of our risk management framework, internal controls, data access and security around critical retention infrastructure.

“Combined with our comprehensive insurance policy bound by Marsh, the SOC 2 Type II certification is an excellent demonstration of our ability to comply with the industry-leading internal controls we have established for ourselves, our customers and our insurers,” said Christopher Banks , Financial Controller at Knox Custody.

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Third party certifications, such as SOC 2 Type II, which stands for System and Organization Controls (SOC), then review and test controls against the Trust Services Criteria, providing an additional level of verification of our internal systems, which are covered by the control. The review and audit includes a thorough test of the effectiveness of Knox’s custody infrastructure, underlying database controls and physical security measures. Such controls are essential to provide our customers with insurance that is complementary to our current insurance policy.

“We have decided to supplement our insurance with a SOC 2 Type II audit to continue to provide strong guarantees of safety and reliability around Knox to all market participants. Our goal is to improve security standards around bitcoin custody services, ”said Alex Daskalov, CEO at Knox Custody.

In traditional technology and financial services industries, SOC 2 ratings are the norm to demonstrate security guarantees and regulatory compliance. At Knox Custody, our goal is to provide responsible custody services based on rigorous risk management principles to safeguard clients’ bitcoin holdings and protect them with a comprehensive insurance policy. We have now reached both milestones and are excited to continue with a robust custodial service for companies, funds and investors who want to rely on a trusted partner.

As greater risks come from custodial service providers, security standards will emerge and their correct implementation will be considered not only important but also critical. By offering responsible products and services to sophisticated market participants, our customers have strict tenders from suppliers to minimize their risk exposure. As the industry matures with more sophisticated participants, due diligence procedures will necessarily be strengthened, and rightly so. The successful completion of SOC 2 Type II is not only a recognition of the industry’s maturation, but also a demonstration of Knox’s commitment to advancing custodial risk management in the Bitcoin industry.

Based in Canada, Knox is a Bitcoin custodial provider focused on key management with 1: 1 insurance coverage, enabling service providers, investors and fiduciaries to reduce the downside risk of theft and loss. Knox is on a mission to enable an ethical financialization of Bitcoin with financial services focused on risk management. Institutional investors include Fidelity Investments Canada, Initialized and iNovia.

http://knoxcustody.com/

Alex Daskalov, Chief Executive Officer

daskalov@knoxcustody.com

+1 (647) 616-0348

Thibaud Maréchal, Vice President



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