Olympia Financial Group Announces Bitcoin Custodian Business

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”, under National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and as a “custodian” under National Instrument 81-102 Investment Funds.

Mr. Craig Skauge, President & CEO of Olympia Trust, said: “Being able to offer Bitcoin custody is a natural evolution of our traditional corporate trust services.

Mr. Alex Daskalov, CEO of Knox, said: “The Canadian market has struggled with a lack of quality institutional Bitcoin custody options.

As consideration for the grant of license and the transfer of assets and customers, it is anticipated that Knox will receive a one-time fee of $500,000 and a share of future profits generated by the license and assets acquired by Olympia from Knox.

Based in Canada and operating across the United States, Canada, European Union, and United Kingdom, Knox is an insured Bitcoin custody provider focused on cryptocurrency key management, allowing cryptocurrency service providers, investors, and fiduciaries to mitigate the risk of theft and loss.

Olympia Trust Company is licensed to conduct trust activities in Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador, Prince Edward Island, New Brunswick and Nova Scotia.

Forward-looking statements contained in Olympia’s public disclosure include, without limitation, Olympia’s earnings expectations, fee income, expense levels, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, catastrophic events, and Olympia’s ability to complete strategic transactions and other factors.

All material assumptions used in making forward-looking statements are based on management’s knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current interest rate and liquidity conditions affecting Olympia and the Canadian economy.

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