BitGo And Swan To Pioneer U.S.-Based Bitcoin-Only Trust For Enhanced Custody Security
Key Points:
- BitGo and Swan aim to establish the first Bitcoin-only trust company in the U.S., prioritizing Bitcoin custody while minimizing exposure to other digital assets.
- The partnership underscores a commitment to enhance Bitcoin custody security and regulatory compliance, reflecting the evolving landscape of cryptocurrency custodianship.
Cryptocurrency custodian BitGo and Bitcoin financial services company Swan have announced their collaborative venture to establish the first Bitcoin-only trust company in the United States.
This innovative initiative aims to provide custody services exclusively for Bitcoin while minimizing exposure to other digital asset markets. The partnership, subject to regulatory approval, will leverage BitGo’s robust custody capabilities and Swan’s expertise in fraud prevention.
Swan has previously utilized BitGo as one of its custodians for Bitcoin storage, alongside Nevada-based chartered trust company Fortress Trust, which is in the process of being acquired by Ripple. In response to this acquisition, Swan CEO Cory Klippsten has confirmed that Swan is actively transitioning compliance and settlement processes to an alternative partner. Klippsten emphasized the importance of segregating Bitcoin custody from the potential risks associated with securing numerous altcoins within the same trust company.
This strategic decision underscores Swan’s commitment to bolstering the security and integrity of its custodial services. By focusing exclusively on Bitcoin custody, Swan seeks to enhance the safety and trustworthiness of its offering, aligning with its dedication to safeguarding customer assets.
The move towards a Bitcoin-only trust reflects the evolving landscape of cryptocurrency custodianship and the growing emphasis on security and regulatory compliance within the digital asset space. Swan’s partnership with BitGo signifies a strategic alignment to provide customers with a custodial solution that prioritizes the protection of their Bitcoin holdings.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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BitGo And Swan To Pioneer U.S.-Based Bitcoin-Only Trust For Enhanced Custody Security
Key Points:
- BitGo and Swan aim to establish the first Bitcoin-only trust company in the U.S., prioritizing Bitcoin custody while minimizing exposure to other digital assets.
- The partnership underscores a commitment to enhance Bitcoin custody security and regulatory compliance, reflecting the evolving landscape of cryptocurrency custodianship.
Cryptocurrency custodian BitGo and Bitcoin financial services company Swan have announced their collaborative venture to establish the first Bitcoin-only trust company in the United States.
This innovative initiative aims to provide custody services exclusively for Bitcoin while minimizing exposure to other digital asset markets. The partnership, subject to regulatory approval, will leverage BitGo’s robust custody capabilities and Swan’s expertise in fraud prevention.
Swan has previously utilized BitGo as one of its custodians for Bitcoin storage, alongside Nevada-based chartered trust company Fortress Trust, which is in the process of being acquired by Ripple. In response to this acquisition, Swan CEO Cory Klippsten has confirmed that Swan is actively transitioning compliance and settlement processes to an alternative partner. Klippsten emphasized the importance of segregating Bitcoin custody from the potential risks associated with securing numerous altcoins within the same trust company.
This strategic decision underscores Swan’s commitment to bolstering the security and integrity of its custodial services. By focusing exclusively on Bitcoin custody, Swan seeks to enhance the safety and trustworthiness of its offering, aligning with its dedication to safeguarding customer assets.
The move towards a Bitcoin-only trust reflects the evolving landscape of cryptocurrency custodianship and the growing emphasis on security and regulatory compliance within the digital asset space. Swan’s partnership with BitGo signifies a strategic alignment to provide customers with a custodial solution that prioritizes the protection of their Bitcoin holdings.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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