BitGo and Swan Bitcoin to Launch Bitcoin-Only Trust Company in the US
Bitcoin-Only Trust Company Initiative
BitGo, a prominent crypto custodian, and Swan Bitcoin, a Bitcoin financial services firm, are collaborating to establish the first Bitcoin-only trust company in the United States. This venture is currently pending regulatory approval. The primary objective is to offer custody services dedicated solely to Bitcoin, minimizing exposure to the broader digital asset market.
Strategic Collaboration
The partnership merges BitGo’s advanced custody capabilities and regulatory compliance expertise with Swan's strengths in onboarding and fraud prevention. This strategy reflects the traditional financial industry model of separating exchange and custody operations. The collaboration aims to leverage the unique strengths of both firms to support Bitcoin adoption and provide a specialized service stack for optimal Bitcoin custody.
Resilience Amidst Market Challenges
Despite enduring the longest Bitcoin bear market, both BitGo and Swan have demonstrated resilience. BitGo recently secured $100 million in funding, achieving a valuation of $1.75 billion. Meanwhile, Swan has seen substantial revenue growth in 2023, projecting a 50% increase by year-end, exceeding $750,000 annually.
Focus on Custody Solutions
Swan is actively addressing challenges in Bitcoin custody, which it identifies as the most complex issue for Bitcoin holders. In 2022, Swan acquired Specter Solutions and is set to launch Swan Vault, a multisig custody solution for retail clients, in October. This initiative underscores Swan's commitment to enhancing Bitcoin custody through innovative solutions.
This strategic initiative by BitGo and Swan Bitcoin underscores a dedicated focus on Bitcoin, aiming to enhance security and trust within the Bitcoin ecosystem.
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