– BitGo and Swan Bitcoin have announced plans to establish the first Bitcoin-only trust company in the United States.
– The joint venture aims to provide Bitcoin custody, administration, and management services to institutional investors.
– The trust company will focus solely on Bitcoin, eliminating the risks associated with other cryptocurrencies.
– BitGo offers digital assets security and custody for over 30 cryptocurrencies, while Swan Bitcoin is dedicated exclusively to Bitcoin investment.
– The new venture will target asset managers, pension plans, family offices, governments, and company treasuries.
– It will offer cold storage, fraud prevention, AML, KYC protocols, and other Bitcoin-related services.
– Institutional investors are increasingly interested in the crypto space, particularly as they await regulatory approval for a spot Bitcoin ETF.
– The Securities and Exchange Commission may delay its decision on the ETF until early 2024.
– BitGo and Swan Bitcoin have been working together for nearly a year to develop stronger qualified custody models.
– The trust company aims to support the innovators driving Bitcoin adoption.