BitGo, Swan unveil plans for Bitcoin-only trust company
The United States may soon have a Bitcoin-only trust company, according to plans disclosed by BitGo and Swan Bitcoin on Sep. 15. The joint venture is pending regulatory approval, the companies said in a statement.
The forthcoming entity will handle similar activities of a trust company, including Bitcoin custody, administration and management on behalf of its beneficiaries. According to Cory Klippsten, CEO of Swan, the solution intends to offer Bitcoin custody without the risks of having other altcoins under the same roof.
"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,” Klippsten said.
The companies are in contact with state regulators about the plans, but have not yet filed for regulatory approval, Klippsten told Cointelegraph. “We are evaluating acquistion options first,” he disclosed.
As part of our long-term vision to advance Bitcoin adoption, we’re announcing a major step forward for Swan and the entire Bitcoin ecosystem:
BitGo and Swan Announce Plans for USA’s First Bitcoin-Only Trust Company
BitGo offers digital assets security and custody, supporting over 30 cryptocurrencies as per its website. In contrast, Swan's business is fully dedicated to Bitcoin, allowing users to invest in Bitcoin via one-time and recurring purchases, with custody of records held at Fortress Trust and Bakkt, while BitGo acts as a cold storage custodian.
The new venture targets institutional investors, such as asset managers, pension plans, and family offices, along with governments and company treasuries. It will offer cold storage, fraud prevention,
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