The well-established cryptocurrency custody company BitGo and Swan, which provides Bitcoin-based services for companies, will come together to launch the first Bitcoin-based trust company in the USA.
Two important actors of the cryptocurrency industry BitGo And swanannounced that it will establish a partnership for Bitcoin. In the press release, the two companies, who do not want to be affected by the risks of the rest of the cryptocurrency market, included their plans to establish a trust company based solely on Bitcoin.
If companies can implement the project they have expressed, the project in question will be The first trust company in the USA based solely on Bitcoin will be.
BitGo CEO made a statement on the subject: Mike BelsheHe stated that the best model for his industry would be to keep Bitcoin separate from the rest of the industry:
We believe that the best model for the Bitcoin industry is the same model that has been part of the US financial industry for over a century and has been tested even in wartime: the separation of trading and custody services from the rest of the industry.
Swan CEO Cory Klippsten stated that the company has been working for a while to act with a partner on compliance. Since the beginning of 2023 cryptocurrency exchange bakkt He stated that they are in integration with:
We have been integrating with Bakkt since the beginning of 2023 and have already started transferring some customer segments. Establishing a company that operates on Bitcoin and does not carry the risks of other altcoins is very important for us and the quality of the service we will offer to our customers.
Swan provides both BitGo and Bitcoin custody services. Ripple (XRP) purchased by Fortress Trust He works with the company. BitGo in series C funding round at the beginning of August 1.75 billion with dollar valuation 100 million dollars had raised investments.