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BitGo and Swan announce Bitcoin-exclusive trust company proposal

BitGo and Swan announce Bitcoin-exclusive trust company proposal

– 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.

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