BitGo and Swan Collaborate to Launch Bitcoin-Exclusive Trust Company

United States to Potentially Launch Bitcoin-Only Trust Company

BitGo and Swan Bitcoin have announced plans to establish the first Bitcoin-only trust company in the United States, pending regulatory approval. The forthcoming entity aims to provide services similar to a trust company, including Bitcoin custody, administration, and management for its beneficiaries. The CEO of Swan, Cory Klippsten, emphasized that the solution will focus solely on Bitcoin custody, eliminating the risks associated with other altcoins. The companies are currently in discussions with state regulators regarding their plans.

BitGo is a digital asset security and custody provider that supports over 700 cryptocurrencies. In contrast, Swan Bitcoin is exclusively dedicated to Bitcoin investments, offering users the option to make one-time or recurring purchases. The custody of records for Swan Bitcoin is held at Fortress Trust and Bakkt, with BitGo serving as a cold storage custodian.

The new venture aims to target institutional investors, including asset managers, pension plans, family offices, governments, and company treasuries. It will provide services such as cold storage, fraud prevention, Anti-Money Laundering protocols, and Know Your Customer procedures, among others.

Institutional investors in the cryptocurrency space are a rapidly growing market in the United States, particularly as asset managers seek regulatory approval for a spot Bitcoin exchange-traded fund (ETF). Major Wall Street players, including Bank of New York Mellon and Deutsche Bank, already offer cryptocurrency custody solutions to institutional investors.

Swan’s CEO expressed confidence in the approval of several ETFs in 2024, which would attract new entrants to the Bitcoin market. However, the Securities and Exchange Commission has delayed decisions on the spot Bitcoin product, and analysts predict a potential postponement until early 2024.

The CEO of BitGo, Mike Belshe, highlighted the collaborative efforts between the two companies in developing stronger qualified custody models. Recognizing the opportunity to establish a Bitcoin-only custodian, they aim to support innovators driving Bitcoin adoption.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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