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14 Sep, 2023, 20:45 ET
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The partnership meets the growing demand for Bitcoin-only solutions and addresses the security and custody needs of the Bitcoin ecosystem.
PALO ALTO, Calif., Sept. 14th, 2023 /PRNewswire-PRWeb/ —
"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 and Swan Bitcoin today announced plans to create the first Bitcoin-only trust company, pending regulatory approval. The new joint venture will combine BitGo’s best-in-class Bitcoin cold storage technology and regulatory compliance expertise with Swan’s industry-leading capabilities in onboarding, fraud prevention, AML/KYC, and dedicated Bitcoin experts.
BitGo CEO Mike Belshe said, “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.”
“We immediately saw the vision,” said 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.”
Both BitGo and Swan are thriving in the longest-ever Bitcoin bear market. BitGo recently closed a $100 million fundraising round at a $1.75 billion valuation. Swan has already seen significant revenue growth in 2023 and projects another 50% increase by year-end to more than $75 million annualized.
Swan is committed to addressing the complex issue of custody, which it considers the most challenging issue for Bitcoin holders. In addition to the new partnership with BitGo, Swan acquired Specter Solutions in 2022 and will unveil Swan Vault, a retail-facing multisig custody solution, in October.
To learn more follow @Swan and @BitGo.
BitGo provides the most secure and scalable wallet solutions for the digital asset economy, offering regulated custody, staking and trading, and core infrastructure to investors and builders alike.
Founded in 2013, BitGo pioneered the multi-signature wallet and is the first digital asset company to focus exclusively on serving institutional clients. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets and established BitGo New York Trust in 2021. BitGo secures approximately 20% of all on-chain Bitcoin transactions by value. BitGo provides the security and operational backbone for more than 1500 institutional clients in 50 countries, including many regulated entities and the world’s top cryptocurrency exchanges and platforms. For more information, please visit http://www.bitgo.com.
Swan is a leading Bitcoin financial services company. The user-friendly Swan app simplifies Bitcoin purchases with instant and recurring buys, while Swan IRA provides a tax-advantaged solution for saving Bitcoin in retirement accounts. For HNWIs and businesses, Swan offers tailored white-glove service for large purchases, treasury solutions, and employee Bitcoin benefits. Financial advisors trust Swan for client Bitcoin allocations, backed by world-class custody and educational content. Swan prides itself on exceptional client service, making Bitcoin accessible to all. For more information, please visit http://www.swan.com.
Sarah Cohen, Melrose PR, (310) 260-7901, [email protected]
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