Crypto News– This groundbreaking initiative is geared towards delivering custody solutions exclusively tailored for Bitcoin, while concurrently mitigating exposure to other cryptocurrencies. Pending regulatory approval, this collaboration will harness the robust custody capabilities of BitGo, coupled with Swan’s proficiency in fraud prevention.
BitGo and Swan Join Forces to Unveil Innovative Bitcoin-Only Trust in the United States, Bolstering Custodial Security
Swan has previously engaged BitGo as one of its custodial partners for Bitcoin storage, alongside Nevada-based chartered trust company Fortress Trust, which is currently under acquisition by Ripple. In light of this acquisition, Swan CEO Cory Klippsten has affirmed that Swan is actively transitioning compliance and settlement procedures to an alternative partner. Klippsten underscores the significance of isolating Bitcoin custody from the potential risks linked to securing a multitude of altcoins under the same trust entity.
This strategic move underscores Swan’s unwavering commitment to fortifying the security and trustworthiness of its custody services. By concentrating solely on Bitcoin custody, Swan aims to elevate the safety and reliability of its offerings, aligning with its steadfast dedication to safeguarding customer assets.
The shift towards a Bitcoin-exclusive trust underscores the evolving landscape of cryptocurrency custodianship, emphasizing security and regulatory compliance in the digital asset realm. Swan’s partnership with BitGo represents a strategic synergy geared towards providing customers with a custodial solution that places paramount importance on safeguarding their Bitcoin holdings.