Key takeaways
BitGo and Swan to launch a new trust company
Crypto custodian BitGo and bitcoin monetary companies agency Swan have introduced plans to launch a Bitcoin-only trust company.
According to the press release printed on Thursday, the Bitcoin-only trust company will provide custody with out publicity to different digital currencies. The trust, which will likely be launched following regulatory approval, will mix BitGo’s custody capabilities with Swan’s experience in fraud prevention and onboarding.
The firms stated it could be the primary Bitcoin-only trust company within the United States. BitGo CEO Mike Belshe stated,
“We believe the best model for the Bitcoin industry is the same battle-tested model that has been part of the US financial industry for over a century: the separation of exchange and custody. Our teams have worked closely together for nearly a year on stronger qualified custody models. Early in 2023, we recognized the opportunity to establish a Bitcoin-only custodian, combining the unique capabilities of each company and supporting the innovators that will be at the forefront of pushing Bitcoin adoption.”
BitGo stays a main custodian within the crypto house
This latest cryptocurrency news comes as BitGo continues to increase its presence within the cryptocurrency house regardless of the continued bear market. BitGo is likely one of the custodians Swan employed for its Bitcoin storage wants.
Cory Klippsten, Swan’s CEO, additionally commented that;
“We immediately saw the vision,” stated Cory Klippsten, Swan’s CEO. “For years, we’ve heard from major clients, partners, and other Bitcoin companies that they would prefer a Bitcoin-only software and services stack that is focused strictly on the best custody that leverages Bitcoin’s unique features. It’s important to us to build a custodian without the risks of securing many altcoins within the same trust company as Bitcoin. We want to do our part to build a dedicated ecosystem for Bitcoin, separate from industry speculators, to allow for innovation in custodial offerings.”
This newest improvement comes a few days after South Korean Hana Bank and BitGo introduced a partnership to launch a joint crypto custody venture. The three way partnership will mix Hana Bank’s data of economic companies and compliance with BitGo’s crypto custodial options.
