Olympia Financial Scraps Plans to Enter Bitcoin Custody Business

Olympia Financial, a Canada-based trust company, ended its plans to provide bitcoin custody service citing “internal risk appetite due to current market conditions.”

  • 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