Financial firm Swan in the Bitcoin ecosystem received $40 million in funding to develop products for corporate customers.
Swan, which raised 125 million dollars for its venture, offers services for institutional investors. Bitcoin based loan diversifies with products such as.
Speaking to Fortune, Swan founder Cory Klippsten criticized the activities of cryptocurrency exchanges such as FTX and said: “Our thesis was that after all the scams and crypto machinations, many companies and family offices around the world would still need such services, but there were not enough organizations to provide them.” said.
Swan himself has had some struggles in the past. The company was working as a custodian with Prime Trust, which went bankrupt in August. He then started working with Fortress, which was founded by the former CEO of Prime Trust, and Fortress was hacked in early September.
According to Klippsten’s statements, Swan started working with BitGo to establish a joint trust company. The company, which is said to be the “only trust consisting entirely of Bitcoin” in the USA In the third quarter of 2024 is planned to be established.
Swan users can use the company’s loan product, use Bitcoin as collateral and borrow approximately 50% of it in dollars. It was stated that the interest rate applied for this transaction was “in the low two digits”.