BitGo Swan recently announced the launch of a new trust corporation, BitcoinTrust, on its website. This company will provide custody services for Bitcoin without any exposure to other digital currencies.
BitGo CEO Mike Belshe commented on the launch, stating: “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.”
Despite the bear market, BitGo continues to be a top custodian of crypto. Swan was hired for its Bitcoin storage needs, and Cory Klippsten, Swan’s CEO, commented on the partnership: “We immediately saw the vision. 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.”
This latest development follows the announcement of a joint cryptocurrency custody venture between BitGo and South Korean Hana Bank. This venture will combine Hana Bank’s knowledge of financial services and compliance with BitGo’s crypto custodial solutions.
