KNØX, a digital asset custody with insurance coverage, has bagged $6.2m in funding.
The capital injection was led by Initialized Capital and iNovia, with participation also coming from Fidelity Investments Canada, FJ Labs, and Ferst Capital.
In addition to the funding round, the company has launched a digital asset custody service for institutions and fiduciaries with comprehensive insurance coverage. The company helps asset managers, liquidity providers, exchanges against losses including external theft and internal collusion.
The KNØX insurance program was build alongside Marsh, an insurance broker and risk adviser.
Initialized Capital managing partner Garry Tan said, “It’s extremely difficult for customers to detect and evaluate the risk exposure these problems create for them and this provides a false sense of security.
“There is a growing appetite for more comprehensive insurance policies covering digital asset custody. KNØX brings peace of mind to responsible entities that are exposing capital to this nascent digital asset class.”
Initialized Capital has invested into a number of FinTech companies in the past year. Most recently, the firm backed AI-powered automated checkout service Standard Cognition in its $35m Series B round.
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